This is what India’s crypto-sector needs more than anything

ambcrypto.com:

To overcome regulatory ambiguity, safeguard investors, and develop India’s crypto-business, CoinSwitch CEO Ashish Singhal argued on Sunday that the country needs to urgently adopt rules on cryptocurrency.

The World Economic Forum (WEF) Annual Meeting in Davos has brought India’s legislative uncertainty on crypto into sharp focus. Singhal discussed the government’s policy dilemma on the industry in an interview with Reuters.

“Users have no idea what will happen to their investments — will the government outlaw it, or will it be regulated,” Singhal wondered. He went on to say that India needed to pass suitable legislation to remove ambiguity, grow the crypto-business, and safeguard investors.

Singhal praised the Indian government’s decision on taxation and the Advertising Standards Council of India’s rules for the crypto-sector. However, he also claimed that more needs to be done, including the passage of regulatory laws.

The Indian Government’s decision on crypto-regulations is long pending. Despite the RBI’s “serious concerns” about “private cryptocurrencies,” Prime Minister Narendra Modi stated in December that such emerging technology should be used to strengthen rather than destroy democracy.

The government announced twice last year that legislation to prohibit cryptocurrencies would be introduced. It delayed the plan, however, and instead imposed a tax on the proceeds of such transactions. Many people interpreted this as a “sign of acceptance” of digital assets. In fact, Singhal believes that “regulations will bring peace… more certainty.”

However, the regulatory and tax environment has deteriorated in recent months. While crypto-companies face a slew of new and increased taxes, banking regulators have denied