The upcoming discussion paper comes after G20 member countries last year agreed that each country should individually assess risks and potential use cases associated with digital assets.
Presently, India is working on a crypto regulatory framework that is scheduled to take effect in 2024. The framework is based on a joint recommendation of both the International Monetary Fund and the Financial Stability Board.
During the World Economic Forum in Davos, Singhal also noted that the taxation changes in India, new crypto advertising guidelines, and the recent curb on celebrity endorsements are significant work to streamline the sector.