India's cryptocurrency ecosystem in early 2026 presents a mixed but optimistic picture, with the country maintaining its position as the world's largest market for crypto adoption. The Financial Intelligence Unit (FIU) led significant enforcement actions against non-compliant offshore platforms, while increased VASP registrations signal a move toward compliance-led operations. A significant policy milestone was India's commitment to adopt the OECD Crypto-Asset Reporting Framework (CARF), scheduled for implementation from April 1, 2027.
The RBI made meaningful progress in tokenization, notably piloting tokenized certificates of deposit. However, the absence of a comprehensive crypto law leaves the sector operating within defined guardrails rather than under a clear long-term regulatory vision. Industry leaders continue pressing for clear regulations, warning that policy delays threaten to push innovation and talent out of India.
