Ahmedabad: Gujarat National Law University (GNLU) on Tuesday released the ‘Crypto-Assets in India: Assessing the Case for Regulation’ report in New Delhi. Several judges from the Supreme Court of India and legal experts participated in the event. The report is prepared in association with the Society of Indian Law Firms (SILF).Drawing on comparative regulatory models and global policy developments, the report highlights that several major economies moved towards clear regulatory frameworks for crypto-assets. It notes that the absence of a comprehensive domestic framework in India contributed to regulatory uncertainty, with implications for capital flows, industry development and technological innovation.In a release by GNLU, the report underscores that India is at a critical juncture in shaping its regulatory architecture for digital assets. While the govt introduced certain fiscal and compliance measures in recent years — such as the taxation of virtual digital assets and the extension of anti-money laundering obligations to crypto intermediaries — the absence of a dedicated statutory framework continues to create regulatory ambiguity for market participants.GNLU director S Santhakumar said that what began as a classroom discussion on a regulatory grey area eventually evolved into a national research initiative. “With nearly 12 crore Indians engaging with crypto assets despite the absence of a comprehensive regulatory framework, we felt it was important for academia to contribute to the policy conversation. The report ultimately presents five possible regulatory models, leaving policymakers with practical options to consider while shaping India’s approach to crypto regulation,” he said.According to the release, the study argues that a coherent and forward-looking regulatory regime is essential to ensure that India remains competitive in the rapidly evolving global Web3 ecosystem. The report puts forth various models of regulation by different existing regulators, along with a new model of self-regulation under govt oversight until the time a robust regulatory ecosystem is established.
