The Evolution of the Indian Crypto Industry: Insights from Liminal Custody

The Evolution of the Indian Crypto Industry: Insights from Liminal Custody

As we enter the new year, it is crucial to reflect on the milestones and regulatory developments that shaped the Indian and global crypto industry in 2023. 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 evolving regulatory landscape in India. This article delves into the significant role played by India in shaping global crypto agendas and the positive shift towards understanding and embracing cryptocurrencies.

One of the standout highlights of India’s proactive stance in the crypto industry is its leadership role in shaping global crypto agendas. As a founding member of the Bharat Web 3 Association, Liminal Custody 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’s goal has been to ensure that regulators and government entities fully comprehend the potential of this technology and make informed decisions regarding regulations.

The Indian government has undergone a positive shift in its approach to cryptocurrencies. While initially skeptical and even calling for a complete ban on crypto, the government now encourages self-regulation among crypto players. The central bank’s call for the industry to establish Self-Regulatory Organizations (SROs) is a progressive development that showcases a growing understanding of the industry’s nuances.

India’s grassroots level adoption of cryptocurrencies is evident in the recent Chainalysis report, which highlights the country’s significant involvement in the crypto space. The Indian government’s increasing understanding of crypto technology is reflected in the nuanced questions raised during parliamentary discussions. This growing interest from both the central government and state governments indicates a consensus regarding the future potential of Web3 and cryptocurrencies.

Liminal Custody has played a crucial role in collaborating with law enforcement agencies, addressing the challenges faced at lower levels. The company’s partnership with the Himachal Pradesh police in a multi-crore crypto scam case demonstrates its commitment to creating standardized operating procedures and guidelines for law enforcement. By providing secure and compliant wallet solutions for safeguarding seized digital assets, Liminal Custody has empowered law enforcement agencies to navigate the complexities of crypto investigations.

To effectively mitigate crypto-related frauds, Manhar emphasizes the need for continuous efforts in training law enforcement at all levels. The lack of training and education in dealing with crypto-related crimes has been a significant challenge faced by law enforcement agencies. By contributing to the global standards and achieving certification under the Cryptocurrency Security Standards (CCSS), Liminal Custody has taken significant steps towards equipping law enforcement with the necessary knowledge and tools.

Liminal Custody’s collaboration with state governments is characterized by openness and a mutual exchange of knowledge. Manhar highlights the excitement surrounding Telangana’s proactive approach and vocal support for Web 3.0 initiatives. Discussions around tokenization and the state’s positioning as a leader among Indian states showcase the enthusiasm and willingness of governments to learn from industry players.

In 2023, Liminal Custody achieved several significant milestones, establishing itself as one of the largest custody players in the Indonesian market and displacing global giants. The company collaborated with the Indonesian government to power the custody of sovereign cryptocurrency exchanges, further solidifying its presence in the region. Additionally, Liminal Custody received in-principle approval from the Financial Services Regulatory Authority (FSRA) in Abu Dhabi, expanding its global reach and recognition.

Looking towards 2024, Liminal Custody’s core strategy revolves around identifying markets with potential and providing hyper-localized solutions. Deepening its presence in regions like Indonesia, Abu Dhabi, and India, the company aims to capture emerging opportunities in the Middle East and Africa. With its track record of collaboration and expertise, Liminal Custody is well-positioned to thrive in the evolving crypto landscape.

The Indian crypto industry has come a long way, with the government’s evolving stance and growing understanding of blockchain technology and cryptocurrencies. Liminal Custody’s efforts in collaborating with regulators, educating stakeholders, and empowering law enforcement agencies are commendable. As India continues to shape global crypto agendas, it is essential to foster an environment of collaboration, continuous education, and responsible self-regulation. With the right approach and collective efforts, India can establish itself as a global leader in the crypto industry.

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