In India, by the end of the fiscal year ending March 31, the proper rules for the regulation of the Crypto-currency will be developed. This was stated by the secretary of the Ministry of Finance on economic issues Subhash Chandra Garg (Subhash Chandra Garg).

“We hope that during this year the committee will complete work on its recommendations, and then changes in legislation, regulatory requirements will be required. But, of course, by the end of this fiscal year, rules will be established, “the official said.

Subhash Chandra Garg leads one of two committees set up by the government to study the impact of the crypto currency market on the country’s economy and develop recommendations in this area.

“[Crypto-exchange] exchanges that are currently operating are not regulated as exchanges. They are in some ways self-adjusting, self-regulating. There are no legal or legislative requirements for carrying out KYC (know your client). There are no records of transactions, either, “the official said.
The head of the Ministry of Finance of India Arun Jaitley (Arun Jaitley) in the annual budget speech  said that the government does not consider crypto currency legal tender. The Reserve Bank of India adheres to this tough position.

Indian tax authorities also did not ignore the country’s crypto-currency market. After carrying out large-scale checks of crypto-exchanges, tens of thousands of tax notifications were sent to traders with a proposal to pay a tax on capital gains.

Against this background, the largest Indian crypto-exchange exchanges have already appealed to the authorities with a request to quickly determine their tax status.