The Indian cryptocurrency policy, currently languishing in what one might call “regulatory purgatory,” desperately requires a “rights-first” framework that bestows upon its citizens the divine gift of “constitutional-level” rights to self-custody assets. 🌟
India’s Crypto Regulatory Quagmire
India’s crypto policy is stuck in a Kafkaesque maze of “regulatory limbo,” where policymakers, like lost tourists, cling to outdated statutes ever since the Supreme Court lifted the central bank’s draconian banking ban in 2020. Arvind Alexander, a senior legal counsel at Hashed Emergent, lamented that this state of affairs “breeds chaos” and stifles India’s aspirations to become a global crypto powerhouse. 🚀
To extricate itself from this bureaucratic quicksand, India must adopt a rights-first framework that grants its citizens “constitutional-level” rights to self-custody assets and “to transact peer-to-peer without blanket KYC.” Alexander also proposed the creation of a dedicated crypto regulator and the establishment of innovation safe harbors and sandbox structures. 🛡️
Alexander believes that such measures would bring much-needed clarity and lure talent to India’s shores. 🌊
“Implementing these changes could metamorphose India from a chaotic landscape of scattered advisories and erratic enforcement into one of the world’s most balanced and competitive crypto ecosystems — attracting talent, capital, and global projects to build natively in India,” Alexander proclaimed.
However, some reports suggest that the Indian government is on the verge of releasing a discussion paper on virtual assets. Optimists believe this could pave the way for the regulatory clarity the crypto industry has been clamoring for. While Alexander applauds the discussion paper as a step forward, he warns that it must transcend mere questions to be truly impactful.
“We believe the VDA discussion paper has the potential to initiate a robust, multi-stakeholder roadmap, but only if it swiftly moves from broad questions to rights-informed policy prescriptions,” he opined.
The COINS Act 2025: A Crypto Renaissance?
To prevent the discussion paper from becoming another bureaucratic footnote, Alexander suggests pairing it with a model law or draft crafted by industry participants. Enter the Crypto-Systems Oversight, Innovation, and Strategy (COINS) Act 2025, unveiled by Hashed Emergent on July 21. 🎉
Vishal Achanta, another legal counsel at Hashed Emergent, explained that this model law was drafted after research studies revealed two critical issues in India’s crypto landscape: builders and users lacked clear property and privacy rights, and punitive taxes and ad-hoc bank freezes were driving founders and capital offshore. 🌍
Achanta summarized the COINS Act’s lofty ambition:
The COINS Act aims to deliver legal certainty, consumer protection, and innovation acceleration, transforming India into a global hub for rights-grounded, decentralized finance rather than an afterthought in foreign jurisdictions.
The model law guarantees crypto users’ right to hold, transfer, and self-custody crypto-assets without mandatory intermediaries and extends the right to privacy to the crypto realm, ensuring “lawful anonymous transfers remain protected.” For developers, it envisions an environment where they have the “explicit right to build, test, and deploy code on public networks.” 💻
The COINS Act also proposes the creation of a strategic Bitcoin reserve, which Achanta believes could reduce India’s reliance on traditional fiat and bond holdings. While the model law suggests building the reserve with forfeited bitcoin, Alexander cautions that “seizure volumes alone may not suffice to build a meaningful reserve at scale.” 📉
To address this, the COINS Act proposes a balanced approach:
“The Act adopts a measured, budget-neutral purchase framework that complements asset consolidation with prudent market acquisitions, delivering diversification benefits without jeopardizing fiscal discipline or market stability,” Alexander elaborated.
Read More
- Violence District Killer and Survivor Tier List
- All Data Pad Locations (Week 1) Destiny 2
- All Mafia The Old Country Returning Characters
- Mafia: The Old Country – Interactive Map (Sicily)
- Top 8 UFC 5 Perks Every Fighter Should Use
- Meet SAKAMOTO DAYS’ Deadly New Villains: 4 Death Row Killers Ready to Cause Chaos!
- Top 5 Unreal Engine 5 Games with Incredible Performance
- German Twitch streamer goes viral for playing Elden Ring & Street Fighter at a rave
- All Mafia The Old Country Safe Combinations
- Unleash Devastation: Top Rupture Teams to Dominate in Limbus Company!
2025-07-27 09:58