Regulate now or lose out, cryptocurrency leaders tell India

India must urgently introduce clear and comprehensive regulations for the digital asset sector, as prolonged policy uncertainty risks driving innovation and talent abroad, said top cryptocurrency industry leaders and policymakers at the Business Standard BFSI Insight Summit 2025 in Mumbai.

- BS REPORTER

From left) Dilip Chenoy, chairman, BharatWeb3 Association; Sumit Gupta, cofounder & CEO, CoinDCX; G Padmanabhan, former executive director, RBI; and S B Seker, head of Asia-Pacific, Binance Dilip Chenoy Chairman, Bharat Web3 Association Sumit Gupta Cofounder & CEO, CoinDCX G Padmanabhan Former Executive Director, RBI S B Seker Head -- Asia-Pacific, Binance

During a panel discussion titled ‘India’s Crypto Crossroads: Time for a Policy Rethink?’ moderated by Shivani Shinde of Business Standard, panellists also called on India to take the lead in developing a rupee-backed stablecoin.

Speaking at the session, Dilip Chenoy, chairman of Bharat Web3 Association, said: “India has a $1.1 trillion opportunity by 2032 in this space. Given that India took leadership in the G20 to push for global regulation — and we now have a kind of blueprint — it’s ironic that 18 G20 nations have some form of regulation, and India doesn't. It’s time we all came together to create one. It’s not that difficult.”

Sumit Gupta, cofounder and chief executive officer of CoinDCX, added: “It’s high time we looked at regulations. The best time to regulate was yesterday; the next best is today. If we don’t act now, we'll lose out. It’s a big risk if we fail to innovate in this sector.”