Crypto exchanges should be monitored by a Sebi like body & partly by RBI: Shivam Thakral, BuyUcoin

economictimes.indiatimes.com:

Amidst the bear phase, crypto exchanges in India have been facing trouble from both investors and law enforcement agencies. In an interview with ETMarkets.com, BuyUcoin's CEO Shivam Thukral says that with the new tax regime, every penny in crypto space is under tax lens and regulations for the crypto space are the need of the hour. Edited excerpts:The crypto market has been struggling lately. Do you think that woes will last longer than expected amid expectations of rate hikes and fear of economic slowdown?During the dream bull run of 2021, crypto assets delivered stellar returns which were never seen in modern human history.

Bitcoin touched $69,000 last year which made headlines all over the world. We need to understand that every new asset class goes through cycles of correction phases and the trends are dependent on multiple factors surrounding the economy. The crypto market is undergoing a correction phase and it will result in a stable and mature investment ecosystem for crypto enthusiasts around the globe.Indian crypto volumes have been hit hard since the beginning of the new financial year. Do you think that investors have lost interest in the digital asset class or they are waiting for another bull run to join the party? The second half of 2021 encouraged a lot of investors sitting on the fence to take a plunge in crypto assets.

We witnessed a massive jump in the number of first-time investors which swelled the crypto holdings among Indians. Crypto investors are loyal, long-term holders who have faith in the potential of crypto assets for creating long-term wealth and beating inflation. The decline in exchange volumes can be attributed to the new regulatory regime in crypto and also people anticipating the next