Sunil Bharti Mittal urges India to reconsider crypto stance amid rapid global developments

Bharti Enterprises Chairman and former Confederation of Indian Industry (CII) president Sunil Bharti Mittal on Thursday called for urgent regulatory clarity on cryptocurrencies, citing the sector’s unprecedented pace of evolution.

Speaking at the CII Annual Business Summit 2025, Mittal noted the global momentum in digital assets and stressed that India cannot afford to stay on the sidelines.

“Look at crypto — in the last few weeks, it has been moving at an unprecedented pace,” he said. “India will have to get a grip. Some regulation will need to be found.”

Mittal pointed out that while India’s earlier stance was largely dismissive — a de facto “No” to cryptocurrencies — the current landscape demands a rethink. “Things are moving so fast,” he warned, underscoring the risk of regulatory lag in a rapidly transforming financial ecosystem.

Last week, the Securities and Exchange Board of India (SEBI) clarified that any decision on how to treat crypto assets must come from the government, not the market regulator.

Speaking at the ASSOCHAM 16th Capital Market Conference in New Delhi on Thursday, May 22, SEBI Chairperson Tuhin Kanta Pandey addressed growing expectations that India might follow in the footsteps of the United States, where the Securities and Exchange Commission (SEC) recently approved spot Bitcoin exchange-traded funds (ETFs). That move marked a significant shift in the SEC’s stance and has fuelled speculation that Indian regulators may be preparing to take similar steps.

Pandey, however, said the responsibility lies with the central government. “A policy call has to be taken by the government. Crypto as such is not a security at the moment under SEBI regulations,” he said.

India’s approach to crypto regulation has remained cautious and fragmented. While the government has taken steps such as imposing a 30% tax on crypto gains and a 1% tax deducted at source (TDS) on all transactions, a comprehensive regulatory framework is still in the works. A draft Bill to regulate or potentially ban private cryptocurrencies was introduced in 2021 but has since stalled. Policymakers have repeatedly said they are waiting for global coordination before moving forward.

Also read: As India prepares new crypto policy, here’s what other countries are doing