The COINS Act, drafted by Hashed Emergent, is an initiative to create a new regulatory framework for the crypto industry in India. The bill aims to optimize the country's crypto market and attract international companies.
Introduction of COINS Act
The COINS Act, released by Hashed Emergent and Black Dot, proposes a regulatory framework for managing cryptocurrencies in India. It incorporates elements borrowed from EU regulation and Singapore's sandbox model, providing a more cohesive regulatory approach.
Establishment of a New Regulatory Authority
As part of the COINS Act, a new organization — the Crypto Assets Regulatory Authority (CARA) — is proposed, which will be responsible for providing a unified regulatory framework for crypto assets, including aspects of self-custody and financial privacy.
Potential Changes to Tax Legislation
The COINS Act also addresses the existing 30% capital gains tax, suggesting potential policies that could optimize India's position in the global crypto market. Although the government has not yet adopted the bill, it could serve as a foundation for future regulatory changes.
The COINS Act initiative and the establishment of CARA could enhance the regulatory environment for cryptocurrencies in India, increasing its appeal to both local and international market participants.
