COINS Act: India’s Bold Step Towards Crypto Utopia, Says Polygon Payments Boss

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Ah, the COINS Act—what a grand spectacle for the crypto world, and a spark of brilliance in India’s digital strategy! Recently unveiled by Web3 startup Hashed Emergent and the illustrious Black Dot policy group, this legislation is nothing short of a Herculean attempt to impose some form of control over the wild, uncharted waters of crypto. It promises to introduce crystal-clear rules, and yes, it’s all about curbing those pesky money launderers, protecting the precious right to own crypto, and—of course—addressing the age-old issue of privacy. Because who doesn’t love privacy, right? 😏

Industry bigwigs, including Aishwary Gupta, Global Head of Payments at Polygon Labs, have, of course, jumped on the bandwagon to praise the proposal. According to Gupta, India desperately needs to reform its crypto regulations—not just for fun, but to clear the fog of confusion around taxation, compliance, and, let’s be honest, a government that’s still learning how to play nice with the future. 🧑‍💻💸

COINS Act: A Bold New Frontier for Crypto Regulation

What does the COINS Act actually do? Well, it’s not just a set of rules—it’s a bold manifesto! With its proposal for crypto-related rights for users and investors, it strengthens compliance with draconian KYC and AML policies (good luck with that!). But wait, there’s more! It even promises tax reforms, which makes you wonder—does anyone actually know what “tax reform” means anymore? 🤔

Gupta, in his infinite wisdom, says this could provide the clarity that has been sorely lacking in the crypto space. And let’s face it, after years of regulatory confusion, this is like a breath of fresh air (or maybe just a new, slightly less toxic cloud). He believes that India could soon be the shining star of the Web3 revolution. So, ready to get your hands dirty with some blockchain magic? 🪄💥

In an exclusive interview with Coinpedia (how very official), Gupta waxes poetic about the “constructive” nature of the COINS Act. “This is a step forward!” he says, probably with a twinkle in his eye. It’s a policy move that shows maturity, like a crypto market that’s finally learned to tie its shoes. The tiered approach, differentiating between protocol developers, intermediaries, and custodians, is apparently aligned with global best practices (which we’re all supposed to take as gospel). Gupta envisions the Act as the perfect blueprint for India’s next regulatory frameworks—where clarity meets innovation, and no one is left to suffocate under the weight of bureaucracy.

India’s Vision: Crypto Laws that Work for the People

But hold on, Gupta’s not done yet. He argues that India needs laws that give crypto users the ability to operate legally—and smoothly—overseas. Because, let’s face it, Indian talent doesn’t come with a price tag of confusion. “There’s no shortage of talent in India!” he declares. But alas, without clear laws, developers often head overseas to register their entities or unleash their crypto products. You know, because it’s easier to work in a place that doesn’t treat you like a criminal just for owning some digital coins. 😅

What Gupta truly wants is an India that’s in harmony with global norms—a place where developers have a “passport” to operate abroad without raising a single eyebrow. And for that, India must build frameworks that not only cater to innovation but also nurture investment, job creation, and, let’s not forget, a thriving blockchain ecosystem. Of course, all of this has to be done while avoiding a Kafkaesque maze of red tape. Easier said than done, right? 😆

Gupta, ever the visionary, wants lawmakers to create a tax regime that strikes a balance between compliance and creativity—one that encourages investments and jobs in the blockchain space while ensuring India can stand tall as a tech and financial powerhouse. Maybe this time, the policymakers will listen. Maybe. 🤞

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2025-07-25 12:23