‘No timeline for introduction of regulatory guidelines for virtual digital assets industry’

PTI New Delhi : There is no timeline for introduction of comprehensive regulatory guidelines for the Virtual Digital Assets (VDA) industry, Parliament was informed on Monday. Virtual Digital Assets (VDAs) are by definition borderless and require international collaborations to prevent regulatory arbitrage.

Therefore, any comprehensive regulatory framework on the subject can be effective only with significant international collaborations on evaluation of the risks and benefits and evaluation of common taxonomy and standards, Minister of State for Finance Pakaj Chaudhary stated in a written reply in the Lok Sabha.

Further, he said, the need to balance investor protection and innovation must be assessed in light of the broader objective of protecting the Indian economy from the risks posed by the VDA sector while maintaining the financial and monetary stability of the economy.