India’s crypto ecosystem just got a major boost. Web3 firm Hashed Emergent and policy group Black Dot have introduced the COINS Act, a first-of-its-kind model law designed to promote clarity, innovation, and user rights. This is a big step toward establishing a progressive and consistent approach to Web3 policy in the country.
The draft law prioritizes user rights and innovation, while providing regulators with a clear path to follow. Although it is non-binding, the Act offers a clear framework for digital rights like self-custody, protocol access, and financial privacy. It also addressed key issues like high taxes, unclear regulations, and the need for a crypto regulator.
Currently, users face high taxes and unclear KYC/AML rules, but don’t have basic legal rights like self-custody or privacy. The Act takes a new approach by treating these rights as constitutional protections and giving users a strong legal foundation. The framework also tailors these rights based on users’ control and custody of assets.
Hashed Emergent shared in its report that the Indian government is set to release a long-awaited discussion paper on crypto regulation, a much-needed move after years of slow progress since the 2020 “ban.” It hopes that when the government’s paper drops, the COINS Act will be a pro-innovation blueprint the industry can get behind.
Subhash Chandra Garg, the former Finance Secretary, recently pointed out that India’s slow pace on crypto regulation is “costing us dearly”. He notes that while countries like the US are moving ahead with clear rules, India is stuck in confusion and silence. The WazirX and CoinDCX hacks are proof of what happens when there’s no strong legal or security framework.
The COINS Act is a proposed model law by Hashed Emergent and Black Dot aiming to promote crypto innovation, protect user rights, and create a clear regulatory framework for India’s Web3 ecosystem.
No, but it addresses the high crypto tax burden and proposes reforms, including safe harbors for token launches and a two-year relief from FEMA rules.
CARA is the proposed dedicated crypto regulator under the COINS Act, meant to regulate Indian crypto services while not interfering with decentralized global protocols.
No, it is a model law or a policy proposal. However, it may influence upcoming government regulations if adopted.
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