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The Gujarat National Law University (GNLU) has begun a significant effort to influence India's evolving approach to crypto asset regulation, holding its first Advisory Board Consultation alongside a Regional Stakeholder Consultation as part of a national research initiative.
The consultations, conducted earlier in Gandhinagar and Bengaluru, form part of GNLU's interdisciplinary study, "Assessing the Case for Regulation of Crypto Assets in India." The project is being led by S Shanthakumar, Director of GNLU, and is supported by a research team with expertise spanning law, commerce and technology. The study is examining the effectiveness of existing legal frameworks governing virtual digital assets (VDAs) in India, with the aim of developing an evidence-based model to guide future regulation. During the Advisory Board discussions, experts focused on regulatory gaps and explored ways to strengthen investor protection, preserve market integrity, reinforce enforcement mechanisms and promote innovation without jeopardising financial stability. The Advisory Board brings together a broad spectrum of experience, including former Supreme Court Judge Justice M. R. Shah, former Gujarat High Court Judge Justice Ravi Tripathi, former Gujarat Chief Secretary Rajkumar, former Additional Chief Secretary JP Gupta, and Keshav Kumar, former Director General of Police and Director of the Anti-Corruption Bureau. The board also includes cybersecurity specialists, academicians, technology entrepreneurs and cyber law experts. Among the key themes that emerged were the need for clearer legislative definitions of crypto assets, improved coordination between regulators, simplified taxation structures, stronger consumer protection measures, and more effective systems for dispute resolution and cross-border compliance. To complement the policy-focused discussions, GNLU also held a Regional Stakeholder Consultation in Bengaluru, a major hub for India's crypto and blockchain industry. Participants included industry professionals, exchange operators, technology innovators and service providers, who shared practical insights on market challenges, operational constraints and regulatory reform opportunities. The combined outcomes of the two consultations are expected to shape the project's final policy recommendations. Shanthakumar said the research aims to assist India in building future-ready frameworks that strike a balance between technological innovation and adequate safeguards as the country moves towards a more structured crypto regulatory regime. (ANI)
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