The government of India has provided some updates on its cryptocurrency bill and investigations of crypto exchanges in Lok Sabha, the lower house of India’s parliament. “Crypto assets are by definition borderless and require international collaboration to prevent regulatory arbitrage,” said the minister of state in the Ministry of Finance.

Indian Government Answers Questions About Crypto Bill and Regulation

The Indian government answered two sets of questions about cryptocurrency and its regulation Monday by various members of Lok Sabha, the lower house of India’s parliament.

Parliament member Bhartruhari Mahtab asked the minister of finance to state “the current status of the cryptocurrency bill, which was due for being tabled during the winter session, 2021, of the Parliament” and “the timeframe within which the cryptocurrency bill would be tabled and subsequently be open for public inputs.”

Pankaj Chaudhary, minister of state in the Ministry of Finance, replied without providing a specific timeframe:

Crypto assets are by definition borderless and require international collaboration to prevent regulatory arbitrage. Therefore, any legislation on the subject can be effective only with significant international collaboration on evaluation of the risks and benefits and evolution of common taxonomy and standards.

Mahtab further asked the finance minister to state which ministry and/or department would regulate cryptocurrencies and crypto tokens, and…