CoinSwitch CEO calls on Indian authorities for clarity in cryptocurrency regulation – Bits Media

Ashish Singhal, CEO of the CoinSwitch crypto exchange, said, that uncertainty in the rules for regulating cryptocurrencies in India is hindering the development of the industry in the country.

Ashish Singhal, head of the Indian cryptocurrency exchange CoinSwitch (Ashish Singhal) during his speech at the World Economic Forum in Davos said, that India needs clear rules for regulating cryptocurrencies to protect investors and develop the sector.

"Users don't know, what will happen to their assets and whether the government is going to ban them. We insist on introducing rules. With proper regulation, we can achieve clarity about, what to do and what not to do", - said Singhal.

CoinSwitch is India's largest cryptocurrency company headquartered in Bangalore. The number of CoinSwitch users reaches more than 18 million, and its capitalization is $1.9 billion. The company is supported by Andreessen Horowitz, Tiger Global и Coinbase Ventures.

The statement from the head of CoinSwitch fully expresses concern, which the Indian crypto business is experiencing. Previously, the Central Bank of India has repeatedly expressed concern about the growing popularity of cryptocurrencies in the country.. Его позиция в какой-то момент даже привела к поддержке запрета цифровых активов.

The federal government's move to tax cryptocurrency income has been hailed by the industry as a sign of potential adoption of digital assets. But after this, the Goods and Services Tax Board of India began considering the possibility of taxing 28% tax on all transactions with cryptocurrency.

The law was approved 31 March and came into force on 1 april 2022 of the year. In this way 18% tax on storage and transactions with cryptocurrencies increased to 30%. India's Ministry of Finance later announced plans to introduce 1 July one percent tax on all transfers of digital assets over 10 000 Rs. ($132).