According to reports, Indian regulators are delaying the introduction of comprehensive cryptocurrency rules, fearing that regulation could legitimize digital assets and create systemic risks.
According to a report by Reuters on Wednesday, which cited documents reviewed by reporters, the Reserve Bank of India (RBI) insists that controlling the risks posed by cryptocurrencies through regulation will be challenging.
The document reportedly states that regulating cryptocurrencies would legitimize them and "lead the industry to become systemic." It continues to say that a complete ban on cryptocurrencies would address the concerning risks of speculative crypto assets but would not resolve issues related to peer-to-peer transfers or transactions on decentralized exchanges.
Currently, India lacks comprehensive cryptocurrency regulation but has implemented certain restrictions.
While India lacks clear cryptocurrency rules, the government imposes a 30% tax on digital asset gains and requires foreign cryptocurrency exchanges to register with local regulators. By the end of 2023, India's Financial Intelligence Unit (FIU) requested a ban on global cryptocurrency exchanges Binance, KuCoin, Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfinex for failing to register.
Binance and its competitor KuCoin returned to the country in 2024 after obtaining FIU approval to operate in India. Regulators have also implemented anti-money laundering (AML) rules for cryptocurrency businesses operating locally.
Despite the country's apparent hostility towards the cryptocurrency industry, it leads in cryptocurrency adoption. A recent report by cryptocurrency forensics firm Chainalysis, titled "2025 Cryptocurrency Geography Report," shows that India is at the forefront of cryptocurrency adoption across all categories.
Government officials have also disclosed their holdings. Minister Jayant Chaudhary reported that his cryptocurrency portfolio grew by 19%, reaching approximately $25,500.
Nevertheless, industry insiders say there is a gap between adoption metrics and actual usage. "Metrics show one thing, while reality presents a starkly contrasting picture, indicating that India is at a contradictory crossroads," said Mithil Thakore, CEO of cryptocurrency platform Velar.
Related: Opinion: The real arms race in the Asian blockchain industry is in block space, not TPS
Original: “India Delays Cryptocurrency Regulation Due to Systemic Risk Fears”
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