Sunil Mittal Urges India to Regulate Crypto Amid Global Surge

• The Securities and Exchange Board of India (SEBI) made it clear that any decision regarding treating crypto assets must come from the government. 
• A draft bill was introduced in 2021 mentioning the ban on private cryptocurrencies. However, it has since stalled.

On May 29, the Chairman of Bharti Enterprises and the former president of the Confederation of Indian Industry, Sunil Bharti Mittal, demanded urgent regulatory clarity on virtual assets, quoting the volatile nature of the sector. 

Mittal attended the CII Annual Business Summit 2025, and there he spoke about the global momentum in cryptocurrency and highlighted that India cannot be on the sidelines. He stated to have a look at the unprecedented pace of crypto in the past few weeks and suggested that India will have to form a grip and some regulation will need to be found. 

The former President highlighted that while India was massively unenthusiastic about crypto in the beginning, having a de facto “No” to cryptocurrencies, the current scenario requires a rethink. He alerted that things are growing at a faster pace, highlighting the risk of regulatory lag in the swiftly changing financial ecosystem. 

Also, recently, the Securities and Exchange Board of India (SEBI) made it clear that any decision regarding treating crypto assets must come from the government rather than the market regulator. 

What Did The SEBI Chairperson Say? 

The Chairperson of SEBI, Tuhin Kanta Pandey, attended the ASSOCHAM 16th Capital Market Conference in New Delhi on May 22, where he addressed the increasing expectations that India might follow in the footsteps of the US. 

The major move taken there was the approval of spot Bitcoin exchange-traded funds (ETFs), which marked a vital shift in the stance of the SEC. It has also ignited the assumption that Indian regulators may be planning to take similar steps. 

Pandey further clarified that the responsibility is associated with the central government. And a policy call has to be taken by the government. India charges a 30% tax on crypto gains and a 1% tax deducted at source on every crypto transaction. 

A draft bill recommending a ban on private cryptocurrencies was introduced in 2021. However, it has since held off as the lawmakers do not want to move forward without global coordination. 

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