- CoinSwitch is preaching peace and predictability.
- The Indian government is seeking to introduce new regulations around blockchain.
- CoinSwitch has been an opinionated supporter of regulatory clarification.
The Indian government is seeking to raise new regulations around blockchain to protect investors and promote the use of virtual currencies. The move comes as the government looks to tackle the technology’s regulatory uncertainty.
The CoinSwitch, which is estimated to be the widely spread India’s crypto corporation with over 16 million supporters, is said to attain a value of $1.89 billion. Tiger Global and Coinbase are deemed endeavors to be India’s central IT center, backed by Andreessen Horowitz’s New Delhi.
Ashish Singhal, CEO and co-founder of CoinSwitch, said:
We want the government to provide a clear regulatory framework for cryptocurrencies in India. We don’t want them to be banned. We want peace and predictability.
Prime Minister Narendra Modi confirmed that the government should use new technologies like blockchain to strengthen and empower democracy and not diminish it, even though India’s central bank has spoken out with significant reservations about privatized cryptocurrencies.
So much more needs to be done in terms of taxation, which is unavoidable. Advertising limitations have brought some relief. Singhal added that India opts to enforce new rules. Among them are standards for identification and verification relating to the exchange of cryptocurrency transactions, as India provides a framework for trailing transactions and their reporting to the responsible organization if necessary for exchanges.
“In the long term, we want to be the most compliant company in India,” Singhal stated. We want to follow every regulation.”
CoinSwitch has been a vocal advocate of regulatory clarity for the cryptocurrency industry in India. The firm earlier submitted a detailed report to the Indian government’s Interdisciplinary Committee on Virtual Currencies, which is currently studying the cryptocurrency ecosystem in the country.
The report contained recommendations on how the government can regulate cryptocurrencies while promoting innovation in the space. It also urged the government to create a regulatory sandbox for blockchain companies to test new technology applications. CoinSwitch is also working with the Reserve Bank of India (RBI) to help the central bank develop its cryptocurrency. The company has been collaborating with the RBI and other government agencies to help them understand the cryptocurrency ecosystem.