India Must Lead, Not Lag, in Global Crypto Regulation
Time to Match Digital Innovation with Policy Vision
A Pivotal Year for Digital Assets
2025 marks a defining moment in the evolution of the global crypto economy. Nations worldwide — from the U.S. and EU to Singapore and the UAE — are transitioning from exploratory stages to concrete regulatory frameworks for digital assets. Meanwhile, India, a recognized digital powerhouse, risks falling behind in shaping the future of crypto regulation.
Global Momentum Is Building
The U.S. is shifting away from enforcement-led strategies toward a structured, rules-based regulatory framework. The EU’s Markets in Crypto-Assets (MiCA) framework sets a new global benchmark by providing clarity, investor protection, and institutional confidence. In Asia, financial hubs like Singapore and Hong Kong have launched definitive licensing regimes. The UAE has established a model for global fintech leadership through regulatory innovation.
India’s Missed Opportunity
Despite India’s success with digital public infrastructure — UPI, Aadhaar, and ONDC — the country lacks a clear, principles-based regulatory framework for crypto-assets. Progress on taxation and financial intelligence is laudable, but without a comprehensive policy paper or public roadmap, India risks losing talent, capital, and credibility to more proactive jurisdictions.
The Urgency of Structured Dialogue
A national conversation rooted in strategy — not scattered signals — is urgently needed. A formal discussion paper could be the first step toward shaping a thoughtful, future-ready regulatory approach. With the Financial Stability Board’s peer review in October and the G20 Declaration’s second anniversary in September, India must demonstrate leadership, not hesitation.
The Path Forward
India stands at a crossroads: it can either shape global crypto norms or be shaped by them. The time to lead is now.
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