Experts Call for Clear Definitions, Stronger Consumer Safeguards & Coordinated Regulation
New Delhi: GNLU has initiated a major national engagement on crypto asset regulation, hosting its first Advisory Board Consultation along with a Regional Stakeholder Consultation to support its ongoing research initiative.
The consultations that were held earlier in Gandhinagar and Bengaluru, are part of GNLU’s interdisciplinary study titled “Assessing the Case for Regulation of Crypto Assets in India.” The project is led by Prof. (Dr.) S. Shanthakumar, Director of GNLU, with a research team drawing expertise from law, commerce, and technology.
The study aims to evaluate the country’s current legal mechanisms governing virtual digital assets (VDAs) and develop an evidence-based model to guide future policy. During the Advisory Board meeting, experts examined regulatory gaps and discussed strategies to enhance investor protection, ensure market integrity, strengthen enforcement frameworks, and support innovation without compromising systemic stability.
The high-powered Advisory Board features prominent jurists, senior bureaucrats, cybersecurity specialists, academics, and industry leaders, including Hon’ble Justice M. R. Shah (Former Judge, Supreme Court), Hon’ble Justice Ravi Tripathi (Former Judge, Gujarat High Court), Sh. Rajkumar (Former Chief Secretary, Government of Gujarat), Sh. J. P. Gupta (Former Additional Chief Secretary, Government of Gujarat), Dr. Keshav Kumar (Former DGP & Director, Anti-Corruption Bureau), technology entrepreneurs, academicians and cyber law experts.
Key themes that emerged during deliberations included the need for clearer legislative definitions for crypto assets, improved coordination between regulatory bodies, streamlined taxation policies, stronger consumer safeguards, and more robust mechanisms for dispute resolution and cross-border compliance.
Expanding beyond academic and legal circles, GNLU also conducted a Regional Stakeholder Consultation in Bengaluru, which is one of India’s most active crypto and blockchain hubs. Industry professionals, technology innovators, exchanges, and service providers shared insights on market challenges, operational bottlenecks, and opportunities for regulatory reforms that encourage responsible innovation.
Together, the two consultations provide an integrated view of the sector’s needs, combining policy expertise with on-ground industry realities. GNLU officials said the feedback will play a crucial role in shaping the project’s final recommendations.
Professor Shanthakumar reaffirmed that GNLU’s research seeks to support India’s move toward informed, future-ready regulation. “Our objective is to contribute meaningfully to legislative and institutional frameworks that balance innovation with adequate safeguards,” he said.
The project continues to engage stakeholders nationwide as India advances towards a structured and comprehensive regulatory approach to crypto assets.