A significant policy milestone was India's move toward adopting the OECD Crypto-Asset Reporting Framework (CARF), slated for implementation from April 1, 2027. The RBI also made meaningful progress in tokenization, notably piloting tokenized certificates of deposit. There was a notable shift in increased VASP registrations with the FIU-IND, signaling a move toward compliance-led operations and greater regulatory legitimacy.
While compliance, taxation, and enforcement mechanisms are firmly in place, the absence of a comprehensive law and dedicated regulatory body leaves the sector operating within defined guardrails rather than under a clearly articulated long-term vision. At the Business Standard BFSI Insight Summit 2025, top crypto industry leaders warned that policy delays threaten to push innovation and talent out of India.
Among notable developments in 2025, India reasserted its position as the world's largest market for crypto adoption. There was a noticeable tightening of regulatory enforcement, with the Financial Intelligence Unit (FIU) leading actions against non-compliant offshore platforms, suggesting a future shaped by structured, regulated participation in the digital asset market.
