IndiaTech.org’s latest panel discussion spotlighted growing concerns around investor protection and legal recourse in the crypto space, urging the need for a domestic regulatory framework and structured resolution mechanisms.
As India’s virtual digital assets (VDA) landscape continues to evolve, key concerns around regulation, investor protection, and accountability have become more pressing. In response, IndiaTech.org, an industry body representing startups, unicorns, and investor hosted a panel discussion under its IndiaTech Dialogues: Governance & Safeguards Series, focusing on “Virtual Digital Assets: Regulations, Responsibility, and the Road Ahead.”
Held at the India Habitat Centre, New Delhi, the session brought together legal and industry experts including Rashmi Deshpande, Founder of Fountainhead Legal; Chirayu Bagree, Technology Lawyer and VDA Investor; Sanjay Saxena, Digital Payments Expert; and Rameesh Kailasam, CEO & President of IndiaTech.org, who moderated the session.
The discussion centered around the WazirX case, highlighting jurisdictional challenges due to the platform’s parent company being incorporated in Singapore. Indian users have expressed concern over the lack of legal recourse within India, especially as key proceedings are being conducted abroad. The issue gained urgency following a 2024 cyberattack on the exchange, which further impacted investor confidence.
Participants emphasized the need for a domestic resolution mechanism, possibly through India’s National Company Law Tribunal (NCLT) to ensure investor rights are protected under Indian law. Calls were also made for stricter regulations, third-party audits, transparency in crypto holdings, and a comprehensive legal framework to govern VDAs.
The panellists agreed that India must act decisively to address the regulatory gaps, safeguard retail investors, and create a globally recognized yet locally enforceable framework to govern the VDA ecosystem.