IndiaTech Dialogues panel
IndiaTech Dialogues emphasizes the critical need for cryptocurrency regulation in India in order to safeguard investors, fill in legal loopholes, and maintain accountability.
A panel of legal and digital finance professionals gathered at the IndiaTech Dialogues – Governance & Safeguards Series as India’s Virtual Digital Asset (VDA) ecosystem approaches a critical juncture, highlighting the pressing need for investor safety and regulatory clarity in the crypto area. The India Habitat Centre in New Delhi hosted a panel discussion titled “Virtual Digital Assets: Regulations, Responsibility, and the Road Ahead,” which was organized by IndiaTech.org, an industry group that represents Indian technology entrepreneurs, unicorns, and investors.
Demand a Dissolution Process Led by the NCLT Numerous users and professionals argued for the start of an Indian dissolution process led by the National Company Law Tribunal (NCLT) in light of the circumstances and the 2024 hack on the WazirX exchange. According to Mr. Sanjay Saxena, “the current investment position exposes severe regulatory and jurisdictional problems in the crypto business.” “Investors can be protected while jurisdictional uncertainties are addressed by legally binding remedies established by an NCLT-led process.”
Sparks from a Cyberattack Demand for Domestic Redressal Following a 2024 cyberattack on WazirX, investor concerns grew, prompting further demands for a dissolution procedure overseen by the National Company Law Tribunal (NCLT). Panelists contended that such a step might offer a domestic, organized legal remedy to protect stakeholder interests.
India’s Need for Crypto
The discussion emphasizes how crucial cryptocurrencies are becoming to the global financial system and how urgent it is that India take action. Through blockchain technology, cryptocurrency provides freedom, decentralization, and transparency. Governments and businesses around the world, including those in the United States, China, and the Middle East, are embracing it in large quantities. This allows for mining and cross-border settlements.
Digital Payments and Web3 Expert Sanjay Saxena stated, “The current investment position exposes severe regulatory and jurisdictional problems.” “Using the NCLT to seek resolution is both appropriate and required.”
Demanding a Committed Crypto Regulator Technology lawyer and VDA investor Chirayu Bagree underlined the necessity for India to set up a dedicated regulatory body with an emphasis on cryptocurrencies. He issued a warning, saying that the current absence puts exchanges and investors at risk financially and legally.
“Regulatory clarity must coexist with timely redressal and legal remedies,” he said. “Stakeholders and officials must have constant discussions in order to develop a framework that favors India.
To sum up, the IndiaTech Dialogues demonstrated that the crypto ecosystem in India is at a turning point. The nation runs the risk of lagging behind in the development of a safe and inclusive digital asset future if rapid reforms are not implemented, including as regulatory clarity, investor protection measures, and education.
