Ashish Singhal, CEO and founder of CoinSwitch, India’s leading cryptocurrency exchange, seeks regulatory certainty that would help the country’s businesses and investors.
Regulatory certainty will do wonders, CEO CoinSwitch
On May 22nd, Ashish Singhal stated that regulatory certainty would do miracles for the Indian bitcoin business. Ashish Singhal told Reuters at the World Economic Forum in Davos:
“Users are uncertain that what will happen to their holdings. Users are in confusion that will the government prohibit it, will it not ban it, and how will it be controlled. Regulations will bring about harmony and greater predictability.”
Regulations will calm the markets and protect investors.@ashish343 in conversation with @Reuters.https://t.co/ijoP3hW6W5
— Rozelle Laha (CoinSwitch) (@RozelleLaha) May 23, 2022
Planting the Indian Web3 flag 🇮🇳 at #Davos. #WEF2022 pic.twitter.com/Ie0KX0NGj0
— Ashish Singhal (@ashish343) May 21, 2022
CoinSwitch has over 18 million users
CoinSwitch, which debuted in 2017, is now India’s biggest cryptocurrency trading platform. It has over 18 million users. Andreessen Horowitz, Tiger Global, and Coinbase Ventures have invested $1.9 billion in the firm.
In India, the cryptocurrency market is still unregulated. The government imposed a 30% tax on cryptocurrency transactions earlier this year. Many opposed the idea, believing it would cause more harm than benefit.
The Indian crypto community, like many others across the world, is calling for regulation that would safeguard investors. While also guaranteeing that the growing market’s creativity continues to flourish. Shaktikanta Das, the governor of the Reserve Bank of India, has expressed his hatred for cryptocurrencies on various occasions over the years. Early this year, Das stated that private cryptocurrencies posed a significant danger to India’s economic and financial security.
Coinbase halted its operations in India
In India, regulatory uncertainty is broadly accepted. Coinbase, one of the world’s major cryptocurrency exchanges, opened in India last month. Coinbase, on the other hand, had to halt operations because it lacked the essential standards to employ a state-backed inter-bank payment transfer facility.
Coinbase CEO Brian Armstrong stated earlier this month that the move was prompted by unofficial pressure from the RBI.
