CoinSwitch CEO Ashish Singhal on Sunday called for clearer rules to resolve the regulatory uncertainty in India’s cryptocurrency space.
At the World Economic Forum in Davos, Singhal told Reuters: “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? Regulations will bring peace … more certainty”
Bengaluru-based CoinSwitch, the largest crypto platform in India with over 18 million users, is backed by Andreessen Horowitz, Tiger Global, and Coinbase Ventures.
In February, about a week after a 30% tax on crypto was proposed, the governor of the Reserve Bank of India, Shaktikanta Das, said that private cryptocurrency was “a big threat to our macroeconomic stability and financial stability.”