Fast-tracking of status on cryptocurrency assets may be in works

India, like many other countries, is currently not FATF-compliant on crypto assets

India may soon have a greater clarity on regulation of crypto assets as the government has stepped up efforts in that direction.

The recent meeting of the Financial Stability and Development Council (FSDC), chaired by Union Finance Minister Nirmala Sitharaman, impressed upon the members the need for a clear consensus on the legality of cryptocurrencies. The message was that regulators must fast-track the initiative.

The Council discussed at length whether to legalise or ban crypto assets, according to two people privy to the discussions.

"The status of crypto assets was among the key agenda discussed in the Council meeting. It