Hashed Emergent’s Vishal Achanta told Cointelegraph that COINS Act aims to turn India from a “regulatory minefield” to a destination of choice for the crypto community.
Web3 venture firm Hashed Emergent and policy advisory group Black Dot have released a model crypto law aimed at clarifying India’s regulatory framework around digital assets.
Announced Monday, the Crypto-systems Oversight, Innovation and Strategy (COINS) Act offers a legislative blueprint to support a clearer, industry-led policy environment for crypto in India. The model law is non-binding and does not carry any legal effect unless formally introduced and passed by the Indian parliament.
Still, the framework offers policymakers a blueprint on crypto-related digital rights, including self-custody, protocol access and financial privacy. It also addresses key legal pain points in the country such as punitive taxation, regulatory uncertainty and the absence of a dedicated crypto regulator.
The model law recommends the creation of a new regulatory body called the Crypto Assets Regulatory Authority (CARA) to oversee crypto activities in India, and incorporates global standards from the European Union’s Markets in Crypto-Assets Regulation (MiCA) and Singapore’s regulatory sandbox, tailored to India’s market and constitutional context.
