India’s most popular cryptocurrency platform leader wants clear regulations to benefit investors and companies. Ashish Singhal, CEO of CoinSwitch, demanded clearer rules to end the regulatory uncertainty in India’s cryptocurrency space.
Singhal spoke at the World Economic Forum in Davos and told Reuters that users don’t know what happens to their holdings. Is the government going ban, or ban? How is it going be regulated? “Regulations will bring peace…more certainty”
CoinSwitch is Bengaluru’s largest cryptocurrency platform with more than 18 million users. It is supported by Andreessen Horowitz and Tiger Global as well as Coinbase Ventures.
In February, just a week after a 30% crypto tax was proposed by Shaktikanta Das the Governor of the Reserve Bank of India, stated that private cryptocurrency was “a huge threat to our macroeconomic stability, and financial stability.”
He said, “Keep in Mind,” that cryptocurrency had no underlying value, not even a tulip.
Two major Indian crypto exchanges were shut down last month due to regulatory uncertainty.
Although no official data exists on India’s crypto market size, a CoinSwitch estimate provided by Reuters stated that approximately 20 million investors held crypto assets totaling roughly $6 billion.
Singhal stated at Davos that “we are pushing for regulations.” “With the right regulation we can get the clarity.”
