India’s Crypto Future: Can MP Balayogi Spark a Regulatory Revolution?

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MP Balayogi Urges India to Lead in Crypto Regulations

In light of the global adoption of cryptocurrencies, it’s essential that India steps forward too. Representative G.M. Harish Balayogi advocates decisively for guidance and clear regulations regarding digital assets. This is a pivotal moment for India to assert its leadership by enacting robust and necessary actions, aiming to establish itself as a trailblazer in shaping the rules of this rapidly developing digital asset industry.

Over the past few years, nations have been swiftly embracing cryptocurrencies, and today, their efforts are primarily centered around refining and enhancing these digital currencies daily.

During President Donald Trump’s administration, the global focus has shifted from strict enforcement to establishing transparent and streamlined systems regarding cryptocurrencies. Exciting new legislation in Switzerland aims to eliminate jurisdictional overlaps among agencies and establish guidelines for stablecoins and crypto-linked investments. This move is crucial in fostering widespread adoption and growth of these services, as an investor like me finds it essential to have a clear regulatory landscape.

Similar to the impact of regulations like the one in the U.S., the European Union is causing ripples in the industry with the MiCA regulation. For the first time, this regulation will mandate uniform rules across member states, fostering a more transparent digital asset market, safeguarding users, and ensuring consistent practices.

According to local news, due to the fast-changing worldwide economy, India’s regulatory system is considered relatively young. Although the government has focused on taxation and financial oversight, a comprehensive regulatory framework for cryptocurrencies remains absent. This discrepancy clashes with India’s pioneering digital projects, including UPI, Aadhaar, and the recently launched ONDC.

In India, where there’s currently a dearth of regulations for cryptocurrencies, there’s a risk of deterring both investment and innovative business ideas due to the country’s robust fintech sector. Therefore, it’s crucial that an open dialogue followed by clear-cut regulations be initiated without delay.

Yet, optimism in India is genuine, for the Indian Supreme Court supports cryptocurrency regulations rather than pursuing a prohibition.

As we approach the second anniversary of the G20 Delhi Declaration in September and the Financial Stability Board’s review in October 2025, India finds itself with an opportunity to establish guidelines and governance for the digital asset sector.

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2025-05-22 15:53