🔎India is taking a cautious approach to cryptocurrency and Web3 legislation, with Indian MP Jayant Sinha indicating that the country is unlikely to introduce a cryptocurrency or Web3 legislative bill anytime soon, possibly only by mid-2025.
First, Sinha noted that the use cases for cryptocurrencies and Web3 applications are evolving locally. More time is needed to identify the most effective applications for the Indian economy and financial system.
"Regulators and policymakers have a responsibility not only for innovation, which of course we want to encourage, but also for safety. We have to really find that balance, and that balance will evolve over the next 12 to 18 months," the Indian lawmaker said.
🔍Sinha also noted that global regulatory standards around these technologies are ongoing. And with key countries like the US and UK holding elections in 2024, further clarity on international norms is at least 18 months away.
Instead of legislation, Sinha suggested that India would rely on a series of narrow policy decisions to act as a de facto regulatory framework that aligns with the upcoming G20 recommendations. The rules already in place require crypto exchanges to carry out anti-money laundering checks and impose an investment tax. For now, these pieces may be enough.
Sinha echoed the Indian central bank's concerns about cryptocurrency, especially given India's capital controls and the non-tradable nature of the rupee. He stressed the need for caution when dealing with cryptocurrency in India and acknowledged the disruptive potential of the technology behind Web3.
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