IndiaTech Dialogues Panel Calls for Urgent Crypto Regulation to Protect Investors and Ensure Accountability
Organised by IndiaTech.org, an industry association representing Indian technology startups, unicorns, and investors, the panel discussion titled 'Virtual Digital Assets: Regulations, Responsibility, and the Road Ahead' was held at the India Habitat Centre in New Delhi.
Key Panelists & Stakeholders
The session brought together an eminent panel of thought leaders:
Ms. Rashmi Deshpande, Founder, Fountainhead Legal
Mr. Chirayu Bagree, Technology Lawyer and VDA Investor
Mr. Sanjay Saxena, Digital Payments & Web3 Expert
Mr. Rameesh Kailasam, CEO & President, IndiaTech.org (Moderator)
WazirX Case Sparks Debate
The panel delved into the ongoing WazirX case, highlighting how jurisdictional complexities are leaving Indian investors without adequate recourse. Despite WazirX having its principal user base in India, its parent entity, Zettai Pte Ltd, is incorporated in Singapore, resulting in key legal processes, such as moratoriums and restructuring plans, being adjudicated in Singapore courts.
This, panelists argued, has sidelined Indian retail investors, who now face significant hurdles in asserting their rights through domestic legal channels.
Call for NCLT-led Dissolution Process
In light of the situation and the 2024 cyberattack on the WazirX exchange, multiple users and experts advocated for initiating a National Company Law Tribunal (NCLT)-led dissolution process in India. 'The current investor situation exposes serious regulatory and jurisdictional challenges in the crypto sector,' said Mr. Sanjay Saxena. 'An NCLT-led process can establish legally binding remedies that address jurisdictional ambiguities while protecting investors.'
Need for Domestic Oversight & Legal Framework
Ms. Rashmi Deshpande emphasised the lack of enforceable domestic regulation, particularly when digital assets are moved offshore without investor consent or transparency. 'There's an urgent need for frameworks that mandate solvency norms, data disclosures, and legal remedies within India. Operators must be held accountable under Indian law,' she said.
Regulatory Clarity Must Be a Priority
Echoing the same sentiment, Mr. Chirayu Bagree pointed out the perils of India's regulatory vacuum. 'We need a crypto-specific regulatory body that's globally recognised and rooted in investor protection. Legal recourse and timely redressal must be prioritised.'
IndiaTech.org's Call to Action
Mr. Rameesh Kailasam, who moderated the panel, stressed the importance of building investor confidence in an increasingly borderless financial world. 'It is critical to enforce laws that apply in case of disputes, hacks, bankruptcies, and insolvencies. India must step in to safeguard its investors.'
About IndiaTech Dialogues
IndiaTech Dialogues is a flagship series by IndiaTech.org aimed at fostering constructive conversations between policymakers, regulators, industry leaders, and academia to shape India's technology and digital policy landscape.
As India contemplates its roadmap for digital asset regulation, the voices from this panel make one thing clear: urgent and unified regulatory action is not just necessary, it's inevitable.
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