India awaits global clarity on cryptocurrency and web3 regulations.
India has taken a cautious approach to cryptocurrency and Web3 legislation, with Indian parliament member Jayant Sinha saying the country is unlikely to introduce legislation for cryptocurrency or Web3 anytime soon, perhaps until mid-2025.
First, Sinha noted that use cases for cryptocurrencies and Web3 applications are growing locally. More time is needed to identify the most impactful applications for the Indian economy and financial system.
The Indian lawmaker said, "Regulators and policymakers have a responsibility not only on innovation, which we certainly want to encourage, but also on safety. We have to really find that balance and that balance will be there in the future Evolving over 12 to 18 months.”
Sinha also said that global regulatory standards around these technologies are still being developed. With major countries such as the United States and the United Kingdom holding elections in 2024, it will take at least 18 months for international norms to be further clarified.
Sinha said India will rely on a series of narrow policy decisions to serve as a de facto regulatory framework rather than legislation, in line with upcoming G20 recommendations. Already in place are rules requiring cryptocurrency exchanges to implement anti-money laundering checks and tax investments. For now, these piecemeal steps may be enough.
Sinha responded to the RBI's concerns about cryptocurrencies, especially given India's capital controls and the non-freely tradable nature of the rupee. He stressed the need for caution when dealing with cryptocurrencies in India and acknowledged the revolutionary potential of Web3's underlying technology. #印度 #加密法规