India reasserted its position as the world's largest market for crypto adoption in 2025, while there was a noticeable tightening of regulatory enforcement with the Financial Intelligence Unit leading actions against non-compliant offshore platforms. There was a notable shift with increased VASP registrations with FIU-IND, signaling a move toward compliance-led operations and greater regulatory legitimacy. A significant policy milestone was India's move toward adopting the OECD Crypto-Asset Reporting Framework (CARF), slated for implementation from April 1, 2027, with meaningful progress in tokenisation as RBI piloted tokenised certificates of deposit.