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India's cryptocurrency landscape may soon undergo a transformative shift as industry leaders propose a comprehensive regulatory framework through the COINS Act. This model legislation, developed by Web3 venture firm Hashed Emergent and policy group Black Dot, aims to replace the country's current "regulatory minefield" with clear guidelines for digital assets.
The Crypto-systems Oversight, Innovation and Strategy Act presents a three-pronged approach to crypto governance: ——First, it establishes fundamental digital rights including self-custody and financial privacy as constitutional extensions ——Second, it proposes creating the Crypto Assets Regulatory Authority (CARA) as a dedicated oversight body ——Third, it incorporates global standards from EU's MiCA and Singapore's sandbox model
Legal architect Arvind Alexander emphasizes the Act's unique positioning: "Unlike reactive advisories, we're building proactive protections. Centralized exchanges face full licensing, while permissionless protocols enjoy exemption." This tiered system addresses India's current pain points of 【30% capital gains tax】 and 【1% transaction TDS】 that have driven developers offshore.
Perhaps the most striking innovation involves transforming seized crypto assets into a national Bitcoin reserve. Vishal Achanta of Hashed Emergent explains: "The reserve would combine confiscated holdings with strategic market purchases, creating an economic buffer." This follows recent calls from BJP spokesperson Pradeep Bhandari for India to explore BTC reserves.
The model suggests parliamentary oversight for the reserve, with potential applications including: • Sovereign wealth fund diversification • Emergency liquidity mechanisms • Blockchain infrastructure funding
Advocates plan a multi-stage adoption strategy: 1. Comparative analysis with existing DEA proposals through Bharat Web3 Association 2. Regulatory workshops with RBI and SEBI officials 3. Public consultation phases to incorporate community feedback
Alexander draws parallels to Satoshi's approach: "Like the Bitcoin whitepaper, we're betting on open collaboration over closed-door deals." The team acknowledges formal adoption requires parliamentary approval but believes market realities will force policy evolution.
The COINS Act emerges as India's digital rupee pilot expands, suggesting potential crypto-fiat coexistence. With 【1182】 industry professionals already engaging with the proposal, its creators aim to reverse India's developer exodus by 2026.
——This framework could position India as a Web3 hub rather than a cautionary tale—— notes Achanta. As consultations begin this quarter, all eyes remain on whether policymakers will embrace this industry-crafted solution to crypto's regulatory paradox.