The CEO of CoinSwitch, Ashish Singhal recently said that India must lay down the rules for crypto to resolve regulatory uncertainties, protect investors and boost its crypto sector.
At the World Economic Forum in Davos, Switzerland Singhal further said, “Users don’t know what will happen with their holdings – is government going to ban, not ban, how is it going to be regulated?”
He further added, “Regulations will bring peace … more certainty.”
CoinSwitch is one of the largest crypto companies in India, valued at $1.9 billion and backed by the likes of Andreessen Horowitz, Tiger Global and Coinbase Ventures.
The platform also boasts a massive user count of more than 18 million.
Singhal believes that even though taxation and certain advertising regulation had brought some relief, India should focus on developing a set of laws.
These laws should include rules for identity verification and transferring crypto assets, while for exchanges, India should put in place a mechanism for them to track transactions and report them to any authority if need be.
He finally said, “We are pushing for regulations. With the right regulation, we can get the clarity.”
CoinSwitch estimates that the Indian crypto market holds around $6 billion in the hands of upto 20 million investors.
Regulatory uncertainty has led to several problems for Indian crypto exchange platforms.
In April, CoinSwitch temporarily disabled its Indian Rupee deposit service via UPI on its app, as well as the bank transfer route through NEFT/RTGS/IMPS.
CoinSwitch has also halted UPI transfers to hold talks with the banks, and make them comfortable. Singhal also added that the company is in talks with the regulatory authority to try and restart the service.
Also Read: Indian Banks Demand NPCI to Clarify UPI use for Crypto
