The crypto industry’s regulatory uncertainty in India is gaining traction among industry players. At Davos’s ongoing World Economic Forum (WEF) meeting, experts discussed the Indian crypto industry’s fate.
In an interview with Reuters, Ashish Singal, CEO of CoinSwitch Kuber, highlighted some of the policy dilemmas in the industry. According to him, users have no idea what to do with their assets. Investors wonder if the government will ban the industry or regulate it.
Singal added that the Indian government must do the needful by implementing appropriate legislation. The government should do this to remove doubt, boost the industry and protect investors’ funds.
However, Singal commended the Indian government’s implementation of advertising regulations and taxation in the industry. The CoinSwitch CEO wants the government to do its part in regulating the industry.
Singal proposes enacting laws by the government and putting in place mechanisms to manage transactions. Additionally, there is also the need to create an effective reporting medium to report irregularities.
Moreover, regulators must establish identity verification and allow the transfer of crypto assets to improve India’s crypto industry.
The Davos meeting coincides with the crypto market crash as the price continues to plummet. As per a Reuters report, the meeting was attended by top blockchain and crypto companies.
The Indian Government is in a Fix
Last year, the government of India twice announced the adoption of legislation to ban the use of cryptocurrency. The government, however, suspended the plan and instead introduced a tax on the income of crypto transactions.
Many crypto enthusiasts interpret the move as the government’s acceptance of the digital currency. And Singal was quoted to have said that regulations would bring calm and progress to the industry.
Regulatory and tax implementation has become more challenging in recent months. The regulatory situation is becoming more challenging at the moment. The government has levied more taxes on crypto businesses, and the banking sector has excluded crypto exchanges from inter-bank services.
The New Player in the Industry
Founded in 2017 by Ashish Singal, Govind Soni, and Vimal Sagar Tiwari, CoinSwitch Kuber quickly became a household name in India’s crypto industry. In October last year, the exchange raised $260 million in seed funding, valued at $1.9 billion.
The funding phase is the largest in India’s crypto ecosystem’s history. It was funded by the duo of Coinbase Ventures, with $150 million, and Andreessen, with $80 million.
Meanwhile, CoinSwitch has emerged as the leading crypto exchange in India. The firm currently has more than 15 million users on its platform. The crypto exchange has been credited with making digital asset transactions seamless and efficient in India.
The exchange prides itself on being India’s most popular crypto service provider. It has a trusted partnership with some leading crypto exchanges, like Coinbase. It boasts a unique, user-friendly platform with valuable trading information to help users make informed choices.
India’s crypto space needs clarity to enable users to experience full crypto products and services.