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On January 29, 2024, the International Financial Services Centre Authority (“IFSCA”) notified the IFSCA (Payment Services) Regulations, 2024, for the regulation and supervision of any person propo...
The crypto assets sector has been on the watch list of both investors and lawmakers in recent years due to the increased adoption across the world. India has an estimated 25 to 30 million crypto investors, and the numbers are likely to significantly increase in the coming years. The sector has a flourishing ecosystem replete with exchanges, wallets, miners, and investors. The sector has massive potential in terms of contribution to the economy and generating employment. According to a report published by CrossTower and US-India Strategic Partnership Forum, embracing and fostering crypto assets in India would grow the country’s GDP at a healthy 43.1% CAGR from 5.1 billion dollars in 2021 to 261.8 billion dollars over an 11-year period, resulting in a 1.1 trillion dollars contribution to the GDP. The bulk of this 1.1 trillion dollars in economic growth for India over these 11 years would be derived from ancillary crypto asset-related businesses that are yet to be materialised.
