Ashish Singhal, Co-Founder of CoinSwitch, one of India’s largest cryptocurrency platforms, has urged policymakers to adopt a balanced regulatory framework for the crypto industry. Speaking at a recent event, Singhal highlighted that digital assets have the potential to fuel innovation, attract global investment, and create new jobs in India, but clear and fair regulations are necessary for the sector to grow responsibly.
Call for Clarity
Singhal emphasised that while India has made progress in digital payments and fintech adoption, the regulation of cryptocurrencies still lacks clarity. He pointed out that uncertainty discourages investors and startups, pushing many blockchain companies to relocate abroad.
Supporting Innovation and Consumer Protection
According to Singhal, a strong regulatory structure should encourage innovation while ensuring consumer protection. He emphasised that India can emerge as a global Web3 hub if the government supports entrepreneurs with clear guidelines on taxation, trading, and blockchain innovation.
Crypto and India’s Digital Economy
With India aiming to become a $5 trillion economy, Singhal believes crypto and blockchain can play a vital role in financial inclusion, cross-border payments, and digital innovation. He urged regulators to collaborate with industry leaders to foster trust and transparency within the ecosystem.
Summary Table
| Detail | Information |
|---|---|
| Person | Ashish Singhal, Co-Founder of CoinSwitch |
| Topic | Advocating for balanced crypto regulation in India |
| Key Points | Need for clarity in regulation, balance between innovation and safety, consumer protection |
| Impact | Need for clarity in regulation, balance between innovation and safety, and consumer protection |
| Concern | Could boost India’s Web3 growth, attract investment, and support the digital economy |
| Vision | Lack of clear crypto laws is pushing startups abroad |
