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CEO CoinSwitch Calls For Regulatory Clarity For Crypto In India

At the annual meeting of the World Economic Forum (WEF) in Davos, they discussed crypto matters. One of such matters is the present lack of regulatory clarity in India’s crypto sector. 

According to Reuters, the CEO of CoinSwitch Kuber, Ashish Singhal, discussed the issue of regulation in India. Singhal told Reuters that;

“Users are confused about the policies of the government. Is the government going to prohibit or ban crypto? How will it be regulated?”

He went on to say that India needed to pass laws that would eliminate ambiguity. He added that the country should foster regulations to grow the crypto industry and safeguard investors.

Singhal expressed gratitude toward the Indian government for its recent action in the crypto space. The Advertising Standards Council of India (ASCI) recently issued regulations to guide crypto advertisements. However, the crypto entrepreneur said that other actions were required. One of such actions is enacting a set of legislation to drive the sector.

It is necessary to build mechanisms to monitor transactions and submit them to the authorities. This is important, especially if the dealings are shady. Also, he noted that regulations should enforce the verification of users on all platforms.

According to the report, the Davos summit recorded a significant presence of blockchain and crypto firms. 

India’s government Takes Negative Stance Towards Crypto

In 2021, the country announced that it would impose a total on crypto usage. This was due to the rapid adoption and use of crypto. 

However, it postponed the proposal and instead imposed a tax on crypto transactions. Many saw this move as the government’s acceptance of crypto. Singhal noted that regulations would provide calm and greater clarity in the crypto space.

However, in recent weeks, the regulatory climate in India has become difficult. Indian authorities stopped several cryptocurrency exchanges from using immediate interbank payment systems. In addition, the country has introduced a tax on crypto firms.

“We are working hard to get rules passed. If we had the proper regulations, we would have certainty,” he added.

The Largest Cryptocurrency Exchange In India

In 2017, Singhal, Vimal Sagar, and Govind Soni established CoinSwitch Kuber. Last year, in October, the exchange secured a funding round of $260 million with a value of $1.9 billion.

Coinbase Ventures headed the fundraising round and donated over $150 million. Also, Andreessen contributed 80 million. This funding round remains the largest in the Indian crypto market to date. At the moment, CoinSwitch has over 18 million customers in India.

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