Recent remarks by Sumit Gupta, CEO of CoinDCX, emphasize the urgency for swift action on crypto regulations in India.
Need for Crypto Regulations in India
Sumit Gupta warns that delays in crypto regulation decisions could cost India innovation, talent, and value from crypto transactions. He pointed out that high taxes and unclear policies are hurting the crypto industry in the country, causing 90% of trading to move offshore and losing ₹6 lakh crore in volume. Gupta called for policy revisions to support the industry and attract innovation.
Plans to Acquire WazirX
CoinDCX is planning to acquire WazirX, a troubled crypto exchange, with the process delayed due to legal issues. However, CoinDCX is committed to assisting affected customers. The company is willing to partially compensate users for their losses, stressing that customer trust is key to ecosystem growth. Security responses are crucial, and CoinDCX has taken strong measures to protect users, including insured wallets and an investor protection fund.
The Future of Cryptocurrency in India
Gupta is hopeful about the future of cryptocurrencies in India and noted the new RBI Governor's openness to innovation and crypto technology. He believes many countries are already supporting cryptocurrency as a key technology, and India must act swiftly to stay competitive in the global crypto race.
Sumit Gupta emphasizes the need for a review of India's tax and legal policies in the crypto sector to maintain its leadership and competitiveness in the global market.
