- India’s regulatory landscape may evolve through the COINS Act.
- Non-binding proposal seeks to attract digital asset projects.
- Crypto community’s response may boost local appeal.
India’s potential shift to clear crypto regulation may attract local and international projects, which have been hampered by past restrictive policies.
The Vision Behind the COINS Act
Hashed Emergent and Black Dot propose the COINS Act to address unclear crypto regulations. Arvind Alexander, Legal Counsel at Hashed Emergent, remarked, “Regulatory uncertainty in India drove the creation of the COINS Act. There are much-delayed, after-the-fact advisories, but no clear laws.”
Vishal Achanta emphasizes India’s transformation into an attractive destination.
Impact and Inspiration
The COINS Act affects all digital assets, such as BTC and ETH, influencing exchanges, custodians, and DeFi protocols. Financial commitments remain absent, as the proposal is industry-led and not government-funded.
Past Indian regulations drove digital assets abroad. The COINS Act aims to reverse this trend by securing self-custody rights and promoting local development. Global standards, like the EU’s MiCA, serve as its model.
Future Prospects
If enacted, the COINS Act might restore India’s status as a DeFi and Web3 hub. Optimism among developers and the crypto community could drive growth, provided the Act gains support and becomes law.
While the COINS Act is not yet binding, its intent is clear: rejuvenate India’s crypto sector and reduce previous outflows caused by stringent regulations.
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