“As such, India should ideally have a balanced regulatory environment without which there is a real risk of being left behind in this transformative space, potentially isolating ourselves from global advancements.”
With your career spanning over two decades across various industries, including your role as Chief Policy Officer at Dream Sports. What motivated your shift to the crypto asset sector?
It has been my conscious decision in the past 10 years to pick sectors that are revolutionary and disruptive in nature. Any product or sector that challenges the status co / influences larger public habits invariably has public policy / regulatory challenges.
Sectors that I advocated for before were mostly regulated and had limited scope in advocating and influencing policymaking. Any sector that provides an opportunity to learn, advocate and challenge the status quo excites me. Currently, crypto and AI are the two global sectors that have inherent risks and opportunities and are presently the top two sectors in terms of disruption. Hence, choosing the crypto sector was a natural choice.
How has your approach to public policy advocacy evolved from your time at Dream Sports to your current role at CoinDCX?
The basics of the policy advocacy approach remain the same except for the stakeholders and the subject changes. Crypto as a sector is evolving globally and is very dynamic. At CoinDCX, our approach to advocacy is more targeted and data-driven with measurable outcomes.
In your opinion, what specific gaps exist in India’s crypto regulation compared to its well-defined traditional finance framework, and how can they be addressed?
The biggest gap, in my opinion, is acceptance. India’s adoption of Crypto as an asset class is the highest in the world. This clearly demonstrates that whether we like it or not, crypto adoption is here to stay. Yes, like any other disruptive technology, the crypto industry too poses a few inherent risks and opportunities. It is paramount that Indian regulators constructively address those concerns through tighter regulation and reap the benefits of the technology in the offering. Globally, many countries and financial institutions are integrating Crypto into their mainstream financial systems. Nations like the U.S., Singapore, and the EU are implementing regulatory frameworks to encourage innovation while mitigating risks, and companies such as BlackRock and JPMorgan have adopted solutions to enhance efficiency and transparency. As such, India should ideally have a balanced regulatory environment without which there is a real risk of being left behind in this transformative space, potentially isolating ourselves from global advancements. As per a study conducted by NASSCOM, India is in a favourable position to take advantage of the global Web3 surge, which is estimated to contribute approximately $1.1 trillion to the country’s Gross Domestic Product (GDP) in the next ten years.
The RBI is pushing for Central Bank Digital Currency (CBDC) while remaining skeptical about crypto How should policies evolve to allow both to co-exist?
The comparison between Crypto assets (Bitcoin/Ethereum, etc.) and CBDCs overlooks their fundamentally different purposes and design principles. While CBDCs aim to enhance traditional financial systems, Crypto assets seek to provide alternatives to these systems altogether. As decentralised platforms, Crypto assets offer distinct advantages such as borderless transactions, protection from inflation and financial inclusion that CBDCs, due to their centralised nature, may not fully replicate. Comparing them solely on the grounds of transaction efficiency or regulatory compliance fails to capture the bigger picture: Crypto assets were not designed to fulfil the same role as CBDCs. Instead, they offer an entirely new financial paradigm, with an emphasis on decentralisation, user empowerment, and global accessibility.
In fact, CBDCs and Crypto assets complement each other, and in my opinion, from a public policy point of view, both need to be treated as different instruments and regulated accordingly.”
How do international regulatory changes or major security incidents influence your policy strategies?
International regulatory changes and major security incidents play a crucial role in shaping policy strategies, especially in the financial and digital sectors. When global regulators impose stricter compliance measures—such as the FATF’s anti-money laundering (AML) guidelines or the EU’s MiCA framework for crypto assets—domestic policies must align to ensure seamless cross-border transactions and avoid regulatory arbitrage. Similarly, data protection laws like the GDPR influence local frameworks, pushing policymakers to strengthen privacy and cybersecurity regulations.
Adapting to these global shifts ensures that national financial systems remain resilient, competitive, and aligned with international best practices.
Major security incidents, such as large-scale cyberattacks or fraud cases, act as immediate stress tests for existing regulations and often trigger policy recalibrations. High-profile breaches expose systemic vulnerabilities, prompting stricter compliance requirements, enhanced risk assessments, and robust consumer protection measures. For instance, incidents like the collapse of FTX or ransomware attacks on financial institutions drive tighter scrutiny of digital assets and cybersecurity protocols. A dynamic policy approach that continuously integrates lessons from global regulatory trends and security threats is essential to maintaining financial stability and public trust.
Looking ahead, do you believe India will emerge as a global leader in crypto assets regulation, or will restrictive policies push innovation elsewhere?
India stands at a crossroads in crypto asset regulation, with the potential to emerge as a global leader if it adopts a forward-thinking, balanced approach. By leveraging its strong fintech ecosystem and digital infrastructure, India can create a regulatory framework that fosters innovation while ensuring financial stability. Clear guidelines on taxation, investor protection, and AML compliance—similar to global standards like the EU’s MiCA—could position India as a hub for responsible crypto innovation. However, excessively restrictive policies risk driving talent, capital, and innovation offshore to more crypto-friendly jurisdictions like Dubai or Singapore. A heavy-handed approach—such as high taxation, regulatory uncertainty, or silent treatment—could stifle startups and push blockchain advancements outside India’s borders. To strike the right balance, India must adopt a pragmatic regulatory stance that mitigates risks while encouraging responsible growth. If policymakers navigate this landscape wisely, India could shape global crypto regulations rather than merely reacting to them. A wait for the discussion paper is still on the way.
About Kiran Mysore Vivekananda:
Mr. Kiran Mysore Vivekananda, is a Director at BWA and Chief Public Policy Officer at CoinDCX, India’s first crypto unicorn, spearheads policy outreach and collaboration efforts. Previously, he served as Chief Policy Officer at Dream Sports Inc., driving advocacy efforts for the online gaming industry. With over 2 decades of experience, he’s also worked with Uber India and HCL Infosystems .
