India

India holds immense potential to emerge as a leader in the cryptocurrency landscape and to harness the benefits of cryptocurrencies and blockchain technology for its economy and society. However, this requires a supportive, consistent, and transparent legal framework that fosters sectoral innovation and growth while simultaneously addressing potential risks and challenges.

Cryptocurrency transactions are legal in India, but they come with attached tax liabilities and regulatory obligations. Providers of crypto-asset services are mandated to adhere to anti-money laundering (AML) and counter-terrorism financing regulations. The government is currently formulating a draft bill that could potentially outlaw all privately-issued cryptocurrencies in India, with exceptions for those sanctioned by the central bank or government. This proposed bill has triggered concerns within the cryptocurrency industry and its stakeholders, leading to calls for a more balanced and consultative approach towards the regulation of cryptocurrencies.