At the ongoing World Economic Forum (WEF), Annual Meeting in Davos, India’s regulatory uncertainty regarding the crypto sector was brought to the forefront. CoinSwitch Kuber CEO Ashish Singal spoke to Reuters about the state of the industry’s policies.
Singhal asked, “Users don’t know what will happen to their holdings – is the government going ban, or ban, and how is it going be regulated?” He said that India should pass appropriate legislation to eliminate uncertainty, protect investors and boost crypto-sector growth.
Singhal was pleased with the Indian government’s decision on taxation and the Advertising Standards Council of India’s guidelines for crypto-related advertising. According to media coverage, Singhal said that more needs to be done, including the enactment of a set law.
He explained that there needs to be a mechanism to track transactions and to report them to authorities if necessary. Additionally, norms need to be set for identity verification and the transfer of crypto assets.
The report noted that the Davos meeting saw a significant presence of cryptocurrency and blockchain companies in conjunction with falling crypto prices.
The Policy Dilemma of the Indian Government
Last year, the Indian government had announced twice that it would introduce legislation to ban cryptocurrency. It deferred that plan and instead instituted a tax on income from such transactions. Many saw this as a sign that digital assets were being accepted. Singhal stated that regulations will bring peace and more certainty, according to Reuters.
In recent months, the tax and regulatory environment has been even more difficult. While crypto-related businesses are subject to a host of higher taxes, regulators in the banking sector have blocked crypto exchanges from accessing instant interbank payment systems.
“We are pushing regulations. He said that the right regulation would bring clarity.
Largest Indian Crypto Exchange
Singhal founded CoinSwitch Kuber in 2017 with Vimal Sagar Tiwari and Govind Soni. The exchange was valued at $1.9 billion and raised $260 million in October 2021.
Coinbase Ventures (150 million) led the round. Andreessen ($80million) was the lead. CoinSwitch is the largest Indian crypto exchange, boasting over 18 million users.
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