As 2023 draws to a close, the Indian and global crypto industry has experienced significant milestones in terms of regulatory developments. In an exclusive interview with CryptoNews, Manhar Garegrat, the Country Head for India and Global Partnerships of Liminal Custody, provides valuable insights into the company’s journey, collaborations with law enforcement agencies, and the Indian government’s collaboration with the crypto industry. This article explores the evolving regulatory landscape in India and highlights the country’s leadership role in shaping global crypto agendas.
India’s stance towards cryptocurrencies has evolved from initial skepticism to an informed understanding. The Indian government has transitioned from calling for a complete crypto ban to encouraging self-regulation among crypto players. This progressive shift is evident in the central bank’s call for the industry to establish Self-Regulatory Organizations (SROs), which is a positive development. The recent Chainalysis report highlighting India’s grassroots level adoption of cryptocurrencies further reinforces the industry’s importance. The government’s increasing understanding of crypto technology is demonstrated through the nuanced questions posed during discussions. This growing interest from both the central and state governments indicates a recognition that Web 3.0 technologies are integral to the future.
Liminal Custody, as a founding member of the Bharat Web 3 Association, actively collaborates with regulators, government agencies, ministries, and departments to educate stakeholders about blockchain technology and the vast possibilities within the crypto space. The company has worked closely with various regulators and government bodies to create awareness and support the establishment of necessary regulations. The collaboration between Liminal Custody and law enforcement agencies, such as the Central Bureau of Investigation (CBI), has been instrumental in addressing the challenges faced in dealing with crypto-related crimes. By providing training and education, Liminal Custody has contributed to creating standard operating procedures and guidelines for law enforcement agencies, empowering them to navigate the complexities of crypto investigations effectively.
Liminal Custody’s collaboration extends beyond the central government to state governments as well. The company has witnessed the excitement and proactive approach of Telangana, a state in India, towards Web 3.0 initiatives. Discussions around tokenization and positioning Telangana as a leader among Indian states highlight the mutual exchange of knowledge between industry players and government bodies. This open collaboration fosters a deeper understanding of blockchain technology and its potential applications.
Singapore-based Liminal Custody has achieved several milestones in 2023, expanding its presence not only in India but also globally. The company’s partnership with the Indonesian government has enabled it to become one of the largest custody players in the Indonesian market, surpassing global giants. Additionally, Liminal Custody has received in-principle approval from the Financial Services Regulatory Authority (FSRA) in Abu Dhabi, marking its global recognition and acceptance. As Liminal Custody looks towards 2024, its core strategy revolves around identifying markets with potential and providing hyper-localized solutions. The company aims to deepen its presence in Indonesia, Abu Dhabi, and India while capturing emerging opportunities in the Middle East and Africa.
The Indian crypto industry has witnessed remarkable growth and regulatory advancements in 2023. The Indian government’s evolving stance, from skepticism to support, reflects the country’s understanding of the potential of cryptocurrencies and blockchain technology. Liminal Custody’s active collaboration with regulators, law enforcement agencies, and state governments has played a pivotal role in shaping the regulatory landscape and educating stakeholders about the opportunities within the crypto space. As the industry moves forward, Liminal Custody remains committed to its core strategy of providing localized solutions in key markets, further strengthening its position as a leading player in the global crypto industry.
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