In April 2023, the European Union passed the Markets in Crypto Assets (MiCA) Legislation, providing a framework for regulating cryptocurrency. MiCA's broad inclusion of 10 categories of crypto asset service providers and its definitions of asset categories and issuers show forward-thinking. India, with one category (VDAs), offers an opportunity to lead the change from a centralized to a decentralized internet. Incorporating some MiCA regulations could provide India with a common framework for regulation across borders and contribute to India's reach for a global framework for VDAs.
