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.
“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.