Regulation, conducive environment among top factors to fuel crypto trading among Indian investors: Sumit Gupta of CoinDCX
In a panel discussion hosted by ETMarkets, Sumit Gupta, Co-Founder of CoinDCX, outlines key drivers for crypto trading in India: regulation and conducive environment. Additionally, he shed light on CoinDCX's rigorous framework for listing cryptocurrencies and offered insights into the challenges and opportunities of building in this evolving environment. Edited excerpts:
Despite the recent increase in activity, the movement of funds to Indian exchanges has not been significant. What do you believe is hindering this shift, and what needs to happen to incentivize more retail investors to adopt crypto in India?
Sumit Gupta: The movement of funds to Indian exchanges is a gradual process, driven by factors such as safety, convenience, and transparency. While there has been some movement, lack of regulatory clarity and high taxation remain significant obstacles. The sentiment has been challenging over the past few years, but Indian exchanges have demonstrated resilience and earned trust. Addressing regulatory issues and creating a conducive environment for retail investors will likely encourage more activity on domestic platforms. Once these issues are resolved, we anticipate a resurgence in trading activity, as seen in previous years.
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