India Excludes Crypto & Stablecoins from Fintech Summit Highlights

At Mumbai’s Global Fintech Fest 2025, attended by over 100,000 delegates and more than 800 speakers, cryptocurrencies and stablecoins were notably absent from the agenda—even as Bitcoin recently surged past $125,000. Organizers issued guidelines asking speakers to avoid topics related to crypto, politics, religion, and personal matters.

Rather than focusing on decentralized assets, the summit spotlighted technologies under state control: CBDCs, national digital infrastructure, and artificial intelligence. Indian regulators used the event to emphasize India’s cautious stance toward crypto, highlighting pilot programs for deposit tokenization and fintech sandboxes instead of public discussions of private digital assets.

Simultaneously, India’s Financial Intelligence Unit (FIU-IND) issued block orders for 25 offshore crypto exchanges operating without registering under the country’s anti-money-laundering law. Those platforms failed to comply with India’s PMLA (Prevention of Money-Laundering Act) registration requirements and KYC/AML protocols, effectively cutting access for Indian users until they meet legal standards.

Why This Matters

• The summit’s decision reflects an intentional regulatory posture: crypto assets remain at the fringes of India’s fintech leadership narrative, while digital innovation is being reframed around state-backed instruments and controlled infrastructure.

• Blocking noncompliant exchanges sends a strong signal that India is tightening its grip, not opening the door, to unregulated crypto operations.

• The pivot toward CBDCs and tokenization programs suggests that India aims to retain sovereignty over digital financial markets, limiting reliance on private digital currencies.

Risks & Watchpoints

• The lack of public crypto dialogue may stifle local innovation and drive talent and capital offshore to more permissive jurisdictions.

• Without clear regulatory frameworks, startups and investors face uncertain legal and financial risk when developing crypto products in India.

• Monitoring policy updates around stablecoins, taxation of digital assets, and government-backed digital currency design will be crucial in gauging whether India’s stance evolves toward selective engagement rather than blanket exclusion.