![FIG Paper No. [51] (VDA Series 7): Stablecoins: Recent Indian and Global Regulatory Trends](https://corporate.cyrilamarchandblogs.com/wp-content/uploads/sites/857/2025/10/Blog-Image-1-655x374.png)
The global stablecoin market capitalisation has crossed USD 230 billion in 2025, representing a growth trajectory that can position stablecoins as critical financial instruments that enterprises can leverage in emerging digital payment corridors and enhance operational competitiveness in global markets.Continue Reading FIG Paper No. 51 (VDA Series 7): Stablecoins: Recent Indian and Global Regulatory Trends
A decade after the emergence of cryptocurrencies, regulatory outlooks from the traditional finance sector (“TradFi”) toward banking activities in the digital assets sector (“DeFi”) have evolved significantly. This shift signifies growing institutional acceptance of digital assets as legitimate financial instruments.Continue Reading FIG Paper No. 47 (VDA Series 6) – Exploring Synergies between Traditional Finance and Decentralised Finance for India
Stablecoins, which are virtual digital assets (“VDA”) typically pegged to stable assets like fiat currencies, are being recognised as the cornerstone of digital finance revolution, delivering a blend of traditional currency stability and decentralised innovation. As their global adoption accelerates — from everyday retail transactions/ cross-border remittances to institutional treasury operations — governments worldwide are realising that clear, forward-thinking regulation can foster innovation and help their economies stay ahead of the pack.Continue Reading FIG Paper (No. 43 – VDA Series 5) India’s Stablecoin Industry – Reacting to Global Regulations & Market Trends
While reports indicate that India has the highest virtual digital asset (“VDA”) adoption across jurisdictions, we are yet to see any concrete movement on a corresponding regulatory framework to govern the sector and provide legal clarity.Continue Reading FIG Paper (No. 41 – VDA Series 4) Global Crypto Developments: Lessons for India’s Regulatory Regime in 2025.
Background:
While ministerial discussions on cryptocurrency regulation had been taking place at the G-20 level, we are expecting the Department of Economic Affairs (“DEA”) may come out with a consultation paper for regulating virtual digital assets (“VDA”) as soon as October this year.Continue Reading FIG Paper (No. 39 – Series 3): Recent Learnings from the Indian Virtual Digital Assets Regulatory Space
This FIG Paper highlights recent trends in enforcement actions of the Reserve Bank of India (“RBI”) against different financial institutions, which has seen a significant 88% rise since 2021.Continue Reading FIG Paper (No. 36 – Series 1): Analysing RBI’s Enforcement Trends (2022-24)
Indian regulators in recent times have shown a keen interest in monitoring the intersection between data, information technology, and cybersecurity with regulated entities—more so in relation to Non-Banking Financial Companies (“NBFCs”) and ‘fintechs’. With the expected enforcement of the Digital Personal Data Protection Act, 2023 (“DPDP Act”), and the promulgation of its rules, it becomes imperative for NBFCs and fintechs to map their journey of compliance from legal and regulatory perspectives.Continue Reading FIG Paper (No. 34 – Data Law Series 5) Balancing Sectoral Regulation and DPDP Act Compliance by NBFCs & Fintechs
The Reserve Bank of India (“RBI”) issued the draft Master Direction – Reserve Bank of India (Managing Risks and Code of Conduct in Outsourcing of Financial Services) Directions, 2023 (“Draft MD”), on October 26, 2023. With the COVID-19 pandemic and the digitisation of financial services globally, financial institutions started becoming increasingly dependent on their service partners and agents to reduce costs and avail expertise not available internally.Continue Reading FIG Paper (No. 32 – Series 1): Outsourcing of Financial Services: Harmonising the Law and Looking Ahead
![FIG Paper No. [29], Data Law Series [3]: Implications of Digital Personal Data Protection Act, 2023 for Foreign Banks in India](https://corporate.cyrilamarchandblogs.com/wp-content/uploads/sites/857/2024/01/Blog-Image-8-655x374.png)
The Digital Personal Data Protection Act, 2023 (“DPDP Act”) is India’s foray into the global regulatory movement on personal data rights. In designing the DPDP Act, there has been a strong focus on simplicity, brevity, and standardisation. We note a marked effort to align with data regulation across the world, most significantly, the European Union’s General Data Protection Regulation (“GDPR”). While principally similar, the Indian regime has peculiarities for which financial services entities will have to prepare themselves. Continue Reading FIG Paper No. 30, Data Law Series 4: Implications of Digital Personal Data Protection Act, 2023 for Foreign Banks in India