28th July 2026
By Anjali Kochhar
The global digital asset industry is seeing a renewed focus on regulation, institutional infrastructure, and market access, with developments across Russia, India, China and the broader crypto ecosystem highlighting how governments and financial institutions are shaping the next phase of adoption.
Russia is preparing one of its biggest institutional crypto moves yet after the country’s largest lender, Sberbank, announced plans to launch infrastructure supporting cryptocurrency trading by December. The initiative follows a broader regulatory overhaul that comes into force on September 1, when new rules governing crypto trading, custody and settlement officially take effect.
Under the new framework, only licensed intermediaries will be allowed to provide crypto-related services. These entities will be required to comply with operational, security and reporting standards established by Russian authorities. Sberbank’s planned infrastructure is expected to support regulated trading, custody of digital assets and settlement services, creating a formal institutional ecosystem rather than relying on offshore crypto exchanges.
The move reflects Russia’s gradual shift from restricting cryptocurrency activity toward allowing tightly supervised digital asset markets. While cryptocurrencies remain restricted as a means of domestic payment, regulators have increasingly acknowledged their role in investment markets and cross-border financial transactions, particularly as Western sanctions continue to reshape Russia’s financial landscape.
Meanwhile, India has taken a significant step towards strengthening oversight of digital assets after the Central Board of Direct Taxes (CBDDT) released comprehensive guidance on crypto tax reporting. The nearly 200-page guidance note aligns India’s reporting standards with the Organisation for Economic Co-operation and Development’s Crypto-Asset Reporting Framework (CARF), an international system designed to improve tax transparency across jurisdictions.
The guidance primarily targets crypto-asset service providers, including exchanges and intermediaries, outlining how they should collect, verify and report user transaction data. It introduces standardised reporting requirements for customer identification, transaction records and cross-border information sharing, allowing tax authorities to better monitor digital asset activity.
Tax experts noted that the document does not introduce any new taxes on cryptocurrencies. Instead, it clarifies compliance obligations and reporting procedures under the existing taxation regime. India’s current tax structure for virtual digital assets, including the 30% tax on gains and 1% tax deducted at source on certain transactions, remains unchanged.
The guidance is widely viewed as a compliance document rather than a policy shift. However, it strengthens India’s ability to exchange tax information with other jurisdictions participating in the OECD framework, potentially reducing opportunities for tax evasion involving crypto assets.
The publication has also reignited debate over India’s broader crypto policy. According to reports, discussions are continuing around whether the country should establish a dedicated regulatory framework instead of relying solely on taxation measures. Industry participants have repeatedly argued that taxation without comprehensive regulation creates uncertainty for businesses and investors.
Adding to the policy discussion, reports also indicated that a parliamentary panel has recommended creating a self-regulatory organisation (SRO) for India’s crypto sector. The proposed body would establish industry standards, encourage responsible business practices, and act as an intermediary between regulators and market participants.
Supporters argue that an SRO could help address regulatory gaps while broader legislation remains under consideration. Similar models already exist in several financial sectors, where industry bodies work alongside regulators to develop operational standards and improve compliance.
Elsewhere in Asia, Chinese investment restrictions continue to drive innovative financial strategies. According to the Financial Times, investors are increasingly using cryptocurrency derivatives to gain exposure to Chinese artificial intelligence stocks despite capital controls and foreign investment restrictions.
Rather than purchasing equities directly, some investors are using perpetual futures and crypto-linked financial products that replicate exposure to Chinese companies. These instruments, commonly available on digital asset exchanges, enable traders to speculate on price movements without owning the underlying shares.
The development illustrates how digital asset markets are increasingly intersecting with traditional finance, offering alternative routes to markets that remain difficult to access through conventional investment channels. However, regulators continue to monitor these products closely because of concerns surrounding leverage, transparency and investor protection.
India is also tightening oversight in another technology-driven sector where crypto intersects with digital platforms. Tamil Nadu has introduced stricter compliance requirements for online gaming companies seeking registration within the state.
Under the revised rules, operators must disclose whether their platforms use artificial intelligence, automated bots or random number generators. They must also report whether cryptocurrency payments are accepted, provide information on player safety mechanisms, self-exclusion systems and identify where their servers are located.
The expanded disclosure requirements reflect growing concern among regulators about emerging technologies that influence online gaming ecosystems, particularly where digital assets and AI may affect consumer protection.
Beyond regulation, institutional funding continues to flow into crypto-related projects. World, the identity verification startup co-founded by OpenAI CEO Sam Altman, announced that it had raised $52.5 million through a strategic token sale.
The funding round attracted institutional participants and will support expansion of World’s biometric identity verification network. The project uses iris-scanning technology to verify human identity while issuing digital credentials designed for online authentication.
The fundraising demonstrates continued investor interest in infrastructure projects combining blockchain technology with digital identity, particularly as artificial intelligence increases concerns around distinguishing humans from automated systems.
Russia’s institutional expansion, India’s enhanced tax reporting framework and continued innovation in global crypto markets collectively highlight an industry entering a more mature phase. Rather than focusing solely on speculative trading, governments and financial institutions are increasingly prioritising regulated infrastructure, compliance standards and institutional participation.
At the same time, new financial products continue to blur the boundaries between traditional capital markets and digital assets, while emerging technologies such as AI and decentralised identity are creating additional regulatory considerations.
Taken together, these developments suggest that the next chapter of the crypto industry will be defined less by rapid experimentation and more by structured regulation, institutional integration and international cooperation. Countries are adopting different approaches based on their economic priorities, yet a common theme is emerging: digital assets are increasingly being incorporated into mainstream financial systems under stricter oversight rather than remaining outside the regulatory perimeter.
