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As the global user base of cryptocurrencies and crypto assets surpassed 200 million, India’s crypto industry has also seen a record increase in the number of crypto adopters.
On the one hand, the government is supposed to be thinking about a regulatory roadmap for crypto and blockchain in India, while on the other hand, crypto exchanges want to be on the internet and startup lobbies to argue their requests.
The industry expects multiple regulators to oversee the growth of India’s crypto industry and wants to establish a presence in various tech lobby groups for the same.
Leading Indian crypto exchanges are set to join IndiaTech, an industry association representing Indian mainstream internet startups, unicorns and Indian investors, to increase pressure on the government to regulate crypto in India, according to reports.
As the global user base of cryptocurrencies and crypto assets surpassed 200 million, India’s crypto industry has also seen a record increase in the number of crypto adopters. The number of active users is currently around 15 million, while the number of blockchain startups in this space has grown from 100+ in 2018 to 300+ in 2021. According to a recent report by industry association IndiaTech.org, Indian users currently hold crypto assets worth over $ 1.5 billion and their daily crypto trades are worth between $ 350 million and $ 500 million.
Several industry sources were cited in an ET report, saying that a multi-pronged approach could help raise awareness and push regulators to quickly establish a framework for crypto. Crypto exchange ZebPay said it is joining IndiaTech, which represents India’s leading consumer internet startups such as Dream Sports, Ola Electric and Nykaa, in addition to investors like Steadview Capital and Falcon Edge.
In May, it was reported that the Indian government may form a new panel of experts to develop the roadmap for the regulation and use of blockchain in India. In addition to cryptocurrencies, the proposed government panel will also focus on blockchain development. The Ministry of Finance would monitor growing interest and activity in cryptocurrency trading in India and assess oversight risks.
A senior official at another crypto exchange, who declined to be named, reportedly said he was on the verge of becoming a member of IndiaTech. Senior executives from many other crypto exchanges have said they are considering the proposal to join IndiaTech, but added that their work with the Blockchain and Crypto Assets Council (BACC), which is part of the Internet and Mobile Association of India ( IAMAI), would continue. All major crypto exchanges including WazirX, CoinDCX, ZebPay, and CoinSwitch Kuber are currently part of BACC.
The industry expects several regulators to oversee the growth of India’s crypto sector and wants to establish a presence in various tech lobby groups for the same. IndiaTech, which has assisted local startups on several issues with regulators and the government, released a white paper last month offering a comprehensive framework to clarify the regulation of crypto assets and exchanges in India.
IndiaTech has worked with regulators including the Securities and Exchange Board of India (Sebi) to bring in differential voting rights (DVR) reforms, listing standards and a reduction in promoter blocking. It has also played a crucial role in helping startups list their services in the government electronic marketplace, which various departments use to purchase products and services. Its main members include Bhavish Aggarwal, co-founder of Ola; Deep Kalra, co-founder of MakeMyTrip; Ravi Mehta, founder of Steadview Capital; and Kavin Bharti Mittal, co-founder of Hike.
In India, there are over 200 blockchain startups, many of which operate in the cryptocurrency space. In 2017, India’s crypto industry was estimated to have a cumulative value of nearly $ 13 billion. This was before the Reserve Bank of India’s banking ban on cryptocurrency companies. Since the ban was lifted, some of the Indian startups have noted a 400% increase in transaction volumes and user registrations.
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