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dont you think that certain degree of regulations are needed to protect the retail investors. On the other hand bringing regulations is altogether hindering the concept of decentralization, what block chain technology emphasizes on.
Certain degree of regulation is now inevitable whether we want it or not. It is difficult to expect something sensible from the Indian government and the status-quoist bureaucracy. These are the license Raj people and I am sure they are busy instituting the various licenses you will need and the bodies to which you have to go for clearances while going into crypto.
The important point is bringing regulation does not hinder Bitcoin's decentralization. There are ways to secure your wallet anonymously even if the government doesn't want you to. Though not many people will dare to do it just for the ideals. Even with regulation and KYC, bitcoin can still remain a worthy piece of value storage and transfer. Its legitimacy is global and it'll find a way as long as eve one country is supporting it. From the looks of it, quite a few countries are positive on it.
