The coin law, which is seen as a blueprint for the future of India's Web3, according to Polygon Payments Head

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Aishwary Gupta, global payments director at Polygon Labs, said the Coins Act will establish much-anticipated clarity in Crypto.

Gupta advocates that Indian lawmakers create a balanced tax system that will encourage innovation while ensuring compliance.

The Coin Act was recently introduced by Hashed Hashed, a Web3 venture company hashed Emergent and policy group Black Dot. We want to create clear rules for the crypto industry, focus on stopping money laundering, protecting the right to hold your own cryptography, and addressing privacy issues.

Several industry leaders, including Aishwary Gupta, global payments director at Polygon Labs, welcome the proposal. Gupta said India needs to reform its crypto regulations, particularly to establish clarity and reform tax.

Coin Act: Trailblazer for the Crypto Regulation Framework

The Coins Act establishes crypto-related rights for users and investors, strengthens security compliance with strict KYC, AML policies, and proposes tax reform. Gupta said the Coin Act would establish a much-anticipated clarity in the crypto space. He explained that this could place India at the forefront of the Web3 revolution.

In an interview with Coinpedia, Gupta said: “The Coins Act is a constructive step. It shows that the industry is mature and ready to co-create policies with government. The step-by-step approach is tailored to global practices and global best practices by distinguishing between protocol developers, intermediaries and custodians.

India builds an innovation-friendly framework for crypto

Gupta is urging India to create laws that allow Crypto users to operate overseas with legal permission and clarity. He said, “India doesn’t lack talent, but there is no clear guardrail, developers often need to register overseas to register entities and deploy products. India should aim to build a framework that can interoperate with global norms, and aim to provide local builders with passports to study abroad with confidence.”

Additionally, polygonhead pushes India to create a balanced tax system that ensures compliance while encouraging innovation, investment and job creation in the blockchain space. He argues that policymakers are crafting laws that are consistent with India’s vision of becoming a technology and finance powerhouse.