PANews reported on March 21 that major cryptocurrency players are returning to India, betting that regulators may relax restrictions on digital asset trading. U.S. exchange Coinbase Global Inc. recently registered with India's Financial Intelligence Unit (FIU) as part of a plan to launch its retail trading platform and increase investment in the country. The move came after competitors Binance, Bybit and KuCoin registered locally, highlighting a renewed focus on the Indian market. The country had hoped to issue a consultation document on cryptocurrency regulation after assuming the G20 presidency in 2023, but has not yet fulfilled it. As the global policy landscape changes - led by Trump's pro-crypto agenda in the United States - India is re-examining the issue.

"Over the past 12 months, multiple jurisdictions have significantly changed their positions," said Ajay Seth, secretary of India's Ministry of Economic Affairs, at a recent roundtable. He noted that the risks posed by the use of digital assets such as stablecoins and the potential for cryptocurrencies to facilitate multilateral capital flows could affect emerging economies such as India. He added: "We had prepared a discussion paper, but we now need to recalibrate because of these changes."