Indian Crypto Exchange CoinSwitch Calls for Regulatory 'Peace, Certainty'
CoinSwitch CEO Wants Regulatory Clarity from Indian Govt
At the World Economic Forum in Davos, Singhal told Reuters:
“Users don't know what will happen with their holdings, is the government going to ban, not ban, how is it going to be regulated? Regulations will bring peace ... more certainty”
While certain regulations on taxation and advertising had brought some relief, a lot more needs to be done, according to Singhal, suggesting that India should develop a set of laws.
These include norms for identity verification and transferring crypto assets, including tracking transactions and reporting them to any authority if need be.
CoinSwitch, which is valued at $1.9 billion, is the largest crypto company in India with over 18 million users. Based in India's main tech hub of Bengaluru, the company is backed by Andreessen Horowitz, Tiger Global, and Coinbase Ventures.
Indian Govt Remains Skeptical Towards Cryptocurrencies
India's central bank had always remained concerned about private cryptocurrencies and even supported a ban on cryptocurrencies in the past. Just last month, two major crypto exchanges in India were halted because of regulatory uncertainty.
However, in a recent report from Cryptoknowmics, India's Goods and Services Tax Council was considering a proposal to impose a 28% tax on all cryptocurrency transactions. This is seen by the industry as a sign of potential acceptance.