A new report from Gujarat National Law University is calling for India to implement a clear regulatory framework for crypto-assets. The study, titled "Crypto-Assets in India: Assessing the Case for Regulation," suggests a systematic approach and analyzes India's current position on cryptocurrencies.
Experts, lawyers, and digital asset leaders gathered to discuss the future of crypto regulation in India. The report highlights that nearly 12 crore Indians are already using cryptocurrencies, despite the absence of comprehensive regulation. A balanced framework could significantly strengthen consumer protection.
While India has implemented anti-money laundering measures for crypto, the lack of a clear, overarching framework has reportedly impacted capital flows and industry development. The report concludes that a multi-agency regulatory model is necessary, as the crypto industry spans various domains like markets and payments, making it unsuitable for a single governing body.
A calibrated regulatory approach, fostering institutional control and inter-agency cooperation, is recommended to enhance consumer protection, address illicit finance, and promote blockchain innovation.