CoinSwitch CEO calls for 'more certainty' around crypto regulations
CoinSwitch Kuber Founder and CEO Ashish Singhal was speaking to reporters while attending the annual World Economic Forum in Davos, Switzerland.
Ashish Singhal, the Founder and CEO of the cryptocurrency exchange , has urged the Indian government to clarify its approach to cryptocurrencies as he believes the current situation does not benefit investors or innovators in the Web 3.0 industry.
Speaking to Reuters at the annual World Economic Forum (WEF) in Davos, Switzerland, Singhal said, "Users don't know what will happen with their holdings - is government going to ban, not ban, how is it going to be regulated?"
"Regulations will bring peace ... more certainty," he added.
With 18 million users, CoinSwitch Kuber claims to be the largest cryptocurrency exchange in India. The company has been valued at $1.9 billion, and counts Andreessen Horowitz, Tiger Global, and Coinbase Ventures as investors.
While the Web 3.0 industry has continued to accelerate in India and globally, new regulations brought in 2022 have dampened the exchanges' short-term future, in addition to the worldwide bear market in both crypto and stock markets.
In February, Finance Minister Nirmala Sitharaman announced new taxation rules for crypto, including a 1 percent TDS tax on every transaction.
Ashish is one of nearly 100 Indian business leaders and over a dozen government authorities who have travelled to Davos for the prestigious conference. Cryptocurrencies are expected to take a position of prominence in the WEF talks this week.
Edited by Affirunisa Kankudti
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