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Leading crypto trading platform in India, CoinSwitch called for clear crypto regulations in the country with the largest number of crypto investors in the world.
CoinSwitch CEO demands clear regulations in India
According to the CoinSwitch co-founder and CEO, Ashish Singhal, India must work on establishing regulations on digital assets for regulatory uncertainty resolution, crypto investors’ safety, and the crypto sector boom. He believes that the regulations will bring more peace in the nation.
During the World Economic Forum in Davos, Singhal stated:
“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?”
Singhal co-founded CoinSwitch with Vimal Sagar Tiwari and Govind Soni in 2017. It is currently valued at $1.9 billion and claims to be the largest crypto company in India, with over 18 million users.
The exchange has halted so-called UPI transfers and is in talks with the banking partners. Singhal said that he was in talks with regulators to try and restart the transfer service.
“We are pushing for regulations. With the right regulation, we can get the clarity,” he said.
Companies involved in blockchain technology and cryptocurrencies have a significant presence at this year’s gathering at Davos, which takes place when crypto prices are falling.
Regulatory uncertainty continues
Even though India’s central bank, the Reserve Bank of India, has expressed “serious concerns” about private cryptocurrencies and supported a ban because of the risks to financial stability, the industry has perceived a move by the federal government to tax income from them as a sign of acceptance.
In December, Prime Minister Narendra Modi stated that such emerging technologies should be used to strengthen democracy rather than weaken it. Singhal stated that while the latest improvements to taxation and certain advertising regulations had provided some relief, a significant amount of work still needs to be done.
Uncertainty around regulatory requirements has been greatly felt by many. Coinbase commenced operations in India in April, but within days of the launch, the company halted its use of an inter-bank fund transfer service that the government backed. Later, in May, CEO Brian Armstrong stated that the decision to move was made due to the “informal pressure” from the central bank.
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