In an interview with Reuters, CoinSwitch CEO Ashish Singhal said that there is a need for appropriate crypto rules in India so that regulatory uncertainty can be resolved, investors are protected, and the crypto sector is boosted.
Users do not know what is going to happen with their holdings. Is the government planning to ban it or will it not ban it? How will the market be regulated? Regulations will bring peace more certainty.
Ashish Singhal stated at World Economic Forum in Davos
Despite a ban from India’s central bank over risk to financial stability, a federal tax move on cryptocurrencies is seen by the industry as a gesture of acceptance from New Delhi. With over 18 million users, Bengaluru-based CoinSwitch, which has a valuation of $1.9 billion, is a crypto platform that ranks third in India with over $1 billion in assets under management. It is backed by Andreessen Horowitz, Tiger Global, and Coinbase Ventures.
About a week after the proposal for a 30% tax on cryptocurrencies was published, the governor of the Reserve Bank of India, Shaktikanta Das stated that private cryptocurrency was a big threat to our macroeconomic stability and financial stability.
Recently, two major cryptocurrency exchanges in India were forced to cease operations due to regulatory uncertainty. There is no data available on the size of the Indian crypto market. However, a CoinSwitch estimate reported to Reuters indicated that about 20 million investors held a total of roughly $6 billion in crypto assets.
We are pushing for regulations, With the right regulation, we can get the clarity.
Ashish Singhal stated at World Economic Forum in Davos
At this year’s Davos meeting, cryptocurrency and blockchain companies have a large presence, which coincides with the price collapse of crypto worldwide.
