India’s crypto industry is abuzz with reactions following reports that the government is reviewing its stance on digital assets. As global regulatory frameworks for cryptocurrencies gain momentum, India’s policymakers appear to be reassessing their approach. The move comes amid concerns that India could lag in crypto and Web3 advancements if clear regulations are not established.
While the Budget 2025 did not introduce any direct relief, the discussion paper, pending since September last year, on revised regulations signals potential progress, according to crypto exchanges in the country.
Vikram Subburaj, CEO at Giottus said relooking at crypto policies reflects the willingness of the government to respond to global events and macroeconomic trends.
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“This also stems from the realisation that India could lose out on becoming the crypto and Web3 powerhouse if we back out of bringing in strong regulations that protect investors and encourage innovation,” he said.
India’s reported stance to review the crypto framework follows the change in regulatory and policy climate in the US towards crypto adoption with US President Donald Trump announcing executive orders. For instance, setting up a presidential working group tasked with developing a federal regulatory framework for digital assets.
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“It is encouraging to see the Department of Economic Affairs (DEA) recognize global regulatory advancements in crypto, particularly in areas like international remittances. However, despite discussions at the G20, India has yet to take a concrete stance, while other major economies have already moved forward with regulatory frameworks,” said Sumit Gupta, Co-founder, CoinDCX.
For instance, Gupta said, the European Union has implemented MiCAR, South Korea has VAUPA (Virtual Asset User Protection Act), Hong Kong has introduced new licensing regimes, and China has established AML regulations for crypto.
“Brazil, Turkey, and the UK have also introduced comprehensive crypto regulations. Essentially, every major economy except India has made progress. The crypto industry is dynamic,
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