Ashish Singhal News

The Internet and Mobile Association of India (IAMAI) said in a statement on July 14 that it is dissolving the Blockchain and Crypto Assets Council (BACC) owing to the uncertain regulatory environment for the crypto industry.

cryptocurrency tax has dealt a heavy blow to the country's crypto exchanges, adding to broader sectoral woes and sending trading volumes plunging by up to 90%. The 1% tax on Indian cryptocurrency trades from the start of this month has been a further disincentive for investors in a market where a burdensome regulatory regime and a 30% digital income tax had already knocked volumes by 60-70%, traders and industry executives said. «We are scraping the bottom of the barrel as far as volumes are concerned,» said Rajagopal Menon, vice president of the WazirX crypto exchange.

crypto exchanges, particularly the smaller ones, are on tenterhooks for survival. After Terra's debacle, Celcius and Three Three Arrows Capital jittered. This was followed by Vauld suspending operations. Meta (formerly Facebook) is shutting down its crypto wallet Novi by September 1, 2022. Even the Indian crypto exchanges are facing massive liquidity pressure, with volumes slumping up to 80 per cent since January. The new taxation rules are adding more pain to their sufferings.

CoinSwitch’s co-founder on July 5 took to Twitter to explain the platform’s business model, amidst ongoing turmoil in the cryptocurrency industry and following Vauld’s announcement of financial troubles and halting of several services.

CoinSwitch has appointed Ramesh Bafna as the chief financial officer, said a statement issued today. With over 18 years of experience, Bafna has built a sustainable marketplace revenue model in e-commerce companies such as Myntra and Flipkart as well as led the finance workstreams at IT services major

“It's worth noting there’s a flight towards quality crypto in the market. The Bitcoin dominance has climbed to 45%, suggesting investors have moved capital from lesser-known coins to quality crypto,” says Ashish Singhal, Co-founder and CEO, CoinSwitchThe crypto market, with no doubts, is in a tight bear grip. How do you see this phase and how long can it sustain? Do you think the Indian market and investors are mature enough to handle the long crypto winters?The supersized hike by the US Fed to control inflation has impacted the capital markets – be it traditional equities or cryptos. With capital becoming expensive, it was inevitable the markets would be bearish as investors temper their risk appetite. It is worth noting the strong correlation between Bitcoin and Nasdaq Composite, suggesting investors are valuing crypto assets in the same breath as deep tech stocks. We also have to keep in mind that asset classes such as cryptos are coming off a multi-year bull run. Course correction is thus understandable.

CoinSwitch has unveiled Crypto Rupee Index CRE8, to measure the performance of the Indian Rupee-based crypto market, the company said on Friday. The Crypto Rupee Index tracks the performance of crypto assets that represent over 85 per cent of the total market capitalisation of cryptocurrencies traded in Rupee, a press release said. «The index is based on real trades on the CoinSwitch application, which has 18 million registered users,» the release said.

CoinSwitch app has over 18 million registered users and the index is based on real trades done by them.

Crypto investing app CoinSwitch on Thursday launched the Crypto Rupee Index (CRE8), India’s first benchmark index to measure the performance of the Indian Rupee-based crypto market. «Owned and administered by CoinSwitch, CRE8 tracks the performance of eight crypto assets that represent over 85 per cent of the total market capitalisation of cryptos traded in Indian Rupee. The index is based on real trades on the CoinSwitch app, trusted by 18 million registered users,» the company said. “CRE8 is a demonstration of our commitment to bring more transparency to the crypto market and equip users with a simple, easy-to-understand measure of the Indian market. The index provides a trustworthy, real-time view of the Indian rupee-denominated crypto market based on actual trades, enabling Indian users to make informed investment decisions,” said Ashish Singhal, Co-founder and CEO, CoinSwitch.

CoinSwitch CEO Ashish Singhal (on extreme right) has said Government must make rules on cryptocurrencies

crypto market, with the top 20 names dropping as much as 35 per cent in the last 24 hours alone. The fall in smaller tokens is steeper and the pain more severe. The global market capitalization of all the crypto tokens has tumbled below $1.2 trillion, falling about 16 per cent in the last 24 hours and 65 per cent from its peak of $3.2 trillion at the end of 2021. The largest crypto token — Bitcoin — has dropped 13 per cent to test $26,500 levels, whereas its counter-peer Ethereum has lost over 28 per cent to breach the $1,750 mark. At the time of writing this report, both had witnessed a mild recovery.

After global exchanges, Indian exchanges including WazirX, Coinswitch Kuber, and CoinDCX have delisted the stablecoin Luna. The Terra crypto token was taken down as its price fell below $1, eroding the wealth of its investors.

Government says it has no plans to regulate Metaverse, Web 3.0

CoinSwitch has more than 15 million registered users.

Crypto tax clarification, "detrimental for India's crypto industry"

cryptocurrency industry reacted strongly and negatively to the government's clarification that investors will not be allowed to offset losses from one crypto trading pair against gains from another pair. Industry executives feared that this would obstruct growth and drive investors away from trading legitimately in cryptocurrencies. They also believe this defeats the purpose of the taxes the government has proposed. “Treating profits and losses of each market pair separately will discourage crypto participation and throttle the industry's growth. It’s very unfortunate, and we urge the government to reconsider this,” said Nischal Shetty, CEO, WazirX.

Crypto trading platform CoinSwitch has completed its ESOP buyback worth $2.5 million (about Rs 19 crore) within 20 months of operations in India. This is the first-ever ESOP buyback by India's largest crypto unicorn. In less than two years, CoinSwitch has grown from 20 to 500 employees as it expanded its wealth-tech offering to build one of India's first Web3 teams. The company attributes this rapid growth to buoyancy in digital assets. The company now aims to become a wealth-tech major, onboarding into other asset classes and financial products.

Crypto unicorn CoinSwitch on March 21 announced the completion of its first-ever ESOP buyback worth Rs 19 crore within 20 months of operating in India.

The holistic and deliberative approach from the White House has cheered the market and industry players as the world's largest economy shrugged doubts of immediate regulatory crackdown on the new age asset class. Indian crypto players have welcomed the move from the West. They believe that a 'positive' approach from the global powers will aid the sector and support the global financial ecosystem.

The government will state its position on cryptocurrencies after completing the ongoing consultation process, finance minister Nirmala Sitharaman said.

CoinSwitch has launched a recurring buy plan to make investments in digital assets simpler, systematic and disciplined. The new facility will enable users to beat market volatility and avoid making impulsive buying or selling decisions, said CoinSwitch, one of India’s largest crypto platforms. The plan will allow users to keep aside a fixed amount of money to buy crypto assets every month over a long period of time. This will help them focus on the long-term strategy rather than timing the market. The upper limit for buy orders on the platform is capped at Rs 2.5 lakh per order. Users can buy single or multiple cryptos through the plan which is quite similar to making an SIP in crypto assets where investors put in a fixed amount in a scheme at regular intervals, usually every month.