CoinSwitch CEO Pitches for Regulatory Clarity, Certainty, Peace   At WEF, CoinSwitch CEO Pitches for Regulatory Clarity, Certainty, Peace 

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India’s reg­u­la­to­ry uncer­tain­ty for the cryp­to sec­tor came into sharp focus at the ongo­ing World Eco­nom­ic Forum (WEF) Annu­al Meet­ing in Davos. In an inter­view with Reuters, Coin­Switch Kuber CEO Ashish Sing­hal high­light­ed the government’s pol­i­cy dilem­ma on the industry.

“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 won­dered. India must bring in appro­pri­ate leg­is­la­tion to remove uncer­tain­ty, boost the cryp­to sec­tor, and pro­tect investors, he added.

Sing­hal appre­ci­at­ed the Indi­an government’s move on tax­a­tion and adver­tis­ing guide­lines for the cryp­to sec­tor by the Adver­tis­ing Stan­dards Coun­cil of India (ASCI). How­ev­er, accord­ing to the media cov­er­age, he said more need­ed to be done, includ­ing enact­ing a set of laws.

Mech­a­nism to track trans­ac­tions and report them to author­i­ties in case of need and norms for iden­ti­ty ver­i­fi­ca­tion and trans­fer of cryp­to assets need to be estab­lished, he explained.

Coin­cid­ing with the plum­met­ing cryp­to prices, the Davos meet­ing has seen a sub­stan­tial pres­ence of blockchain and cryp­tocur­ren­cy com­pa­nies, the report mentioned.

Indian Government’s Policy Dilemma

The Indi­an gov­ern­ment had twice announced bring­ing in leg­is­la­tion to ban cryp­tocur­ren­cies last year. But it deferred the plan and instead intro­duced a tax on the income from such trans­ac­tions. Many inter­pret­ed this “as a sign of accep­tance” of dig­i­tal assets. “Reg­u­la­tions will bring peace … more cer­tain­ty,” Reuters quot­ed Sing­hal as saying.

But the reg­u­la­to­ry and tax envi­ron­ment has become even tougher in recent months. While a slew of new and high­er tax­es are being levied on cryp­to busi­ness­es, bank­ing sec­tor reg­u­la­tors have denied cryp­to exchanges access to instant inter-bank pay­ment systems.

“We are push­ing for reg­u­la­tions. With the right reg­u­la­tion, we can get the clar­i­ty,” he said.

Largest Indian Crypto Exchange

Sing­hal co-found­ed Coin­Switch Kuber along with two oth­ers — Govind Soni and Vimal Sagar Tiwari — in 2017. In Octo­ber 2021, the exchange raised $260 mil­lion at a $1.9 bil­lion valuation.

The fund­ing round, the largest in the Indi­an cryp­to space to date, was led by Coin­base Ven­tures ($150 mil­lion) and Andreessen ($80 mil­lion). Right now, Coin­Switch, with over 18 mil­lion users, claims to be the largest cryp­to exchange in India.

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