India needs crypto rules to resolve regulatory uncertainty, protect investors and boost the sector, CoinSwitch CEO Ashish Singhal said on Sunday, as reported by Reuters.
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“Users don’t know what will happen with their holdings – is government going to ban, not ban,” Singhal, who co-founded CoinSwitch, told Reuters at the World Economic Forum in Davos. “Regulations will bring peace … more certainty,” he added.
While India’s central bank has in the past voiced concerns and even supported a ban on cryptocurrencies, a federal government move to tax crypto income has been seen by the industry as a sign of potential acceptance. The Block reported on May 9 that India’s Goods and Services Tax Council was considering a proposal to impose a 28% tax on all cryptocurrency transactions, citing a report by CNBC-TV18.
CoinSwitch, which is valued at $1.9 billion, says it is the largest crypto company in India with more than 18 million users, according to the report.
Blockchain and cryptocurrency companies have a large presence at this year’s Davos meeting, which coincides with a period of crypto prices plummeting globally.
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