Crypto Talk: India's progress in crypto regulations set to enhance transparency in ecosystem: CoinSwitch

economictimes.indiatimes.com:

Volumes in major crypto trading platforms in India have seen a hit following the high taxes imposed by the government. However, the progress that the country is making in bringing in regulations for this asset class has given hope to service providers such as CoinSwitch to see phenomenal growth in the crypto market.

«The sunny side view is that India has made progress on crypto regulations with standards and rules on AML-CFT, data reporting and more. These standards enhance the transparency in the Indian crypto ecosystem, and provide an opportunity for the government to relook at the TDS rate,» Ashish Singhal, Co-founder and CEO of CoinSwitch, told ETMarkets in an interview.

While trading volumes in crypto have recovered in 2023 from the sharp drop in 2022, pain pressures still seem to exist. How have volumes been on your platform so far this year?
While there has been a recovery in the trading volumes since the beginning of this year, they have not touched the levels we saw in early 2022. This is a reflection of the continued uncertainty in the global macroeconomic outlook as well as India-specific headwinds such as the high TDS.

The sunny side view is that India has made progress on crypto regulations with standards and rules on AML-CFT, data reporting and more. These standards enhance the transparency in the Indian crypto ecosystem, and provide an opportunity for the government to relook at the TDS rate. This would be in line with the spirit of G20 discussions on crypto, which is to arrive at a global standard.

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