3/31/2024 0 Comments Fences app vsAccording to Chainalysis, close to $1.25 billion was transacted by Indians in 2021 alone through pure DeFi channels. Substantial crypto activity in India occurs outside of centralised exchanges, such as WazirX and CoinDCX. However, these approaches fail to tackle substantial decentralised activity through decentralised finance (DeFi) - where a centralised exchange can be substituted by a set of smart contracts - or tackle monetary concerns of financial stability and capital controls paramount for India. Which is why India has to have a strong solution that can ring-fence Indian cryptocurrency activity and help GoI rein in risks.ĭifferent regulatory approaches globally have focused on the regulation of centralised exchanges or intermediaries - virtual asset service providers ( Vasps) - or by solving the issue of classification of cryptocurrencies. No global precedent tackles the spectrum of risks India faces. Several policy risks that were so far manageable with low volumes have now come to the fore. Cryptocurrency activity in India has risen exponentially since March this year.
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