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The report indicates that around 120 million Indians use cryptocurrencies, despite the lack of regulation.
The report asserts that a balanced regulatory framework for cryptocurrencies would enhance consumer protection.
A recent study conducted by Gujarat National Law University recommended that India establish a clear regulatory framework for crypto assets, proposed a systematic approach to regulation, and provided an in-depth analysis of India's current stance on these assets.
The project report was titled “Cryptocurrencies in India: Assessing the Need for Regulation,” and was prepared in collaboration with the Indian Bar Association. Meanwhile, senior judges, prominent lawyers, policy experts, and leaders in the digital assets sector gathered at the report launch to discuss future trends in regulating cryptocurrencies in India.
Increased adoption of cryptocurrencies in India
The report highlights the extent of cryptocurrency adoption in India; according to Professor S. Shanthakumar, Director of Gujarat National Law University, nearly 120 million Indians are already using cryptocurrencies, despite the lack of a comprehensive regulatory framework. He added: “The report ultimately presents five potential regulatory models, providing policymakers with practical options to consider when shaping India's approach to cryptocurrency regulation.”
Many major economies have implemented explicit laws regarding cryptocurrencies, based on comparative regulatory models and global policy trends. India has taken measures and expanded its anti-money laundering obligations to include cryptocurrencies; however, its lack of a clear and comprehensive framework for cryptocurrencies has affected capital flows, industry development, and innovation, according to the report.
Report calls for balanced regulation of digital currencies
In the meantime, Kalyanjit Hati Barwa, a Web3 management consultant, shared an AI-generated video on LinkedIn summarizing the report. The report indicated that it concludes that since the digital currency industry spans diverse fields, including markets and payments, it cannot be regulated by a single entity. After consulting with senior officials and authorities, the report proposes a multi-stakeholder regulatory model.
In conclusion, the report calls for a balanced regulatory approach that includes institutional oversight and cooperation among various authorities, as it sees this as a way to enhance consumer protection, address issues of illicit financial stability, and promote inclusive growth of blockchain-based innovation.
