Global crypto exchanges wait on sidelines for rules clarity

economictimes.indiatimes.com:

Mumbai: Global crypto exchanges looking at the Indian market are awaiting more clarity on crypto regulations to make entry and investment decisions even after the government announced a tax regime in the Budget. Industry executives said the global exchanges have seen the government teetering on crypto regulations in the past three years and that signals from the government have been confusing at best. While the government has said it is looking at regulating rather than banning cryptocurrencies and has announced taxation provisions in the Budget, senior government officials have said that all options are on the table.

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Moreover, the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, has not been included in the 2022 budget session of Parliament. As a result, global exchanges have preferred to remain on the sidelines. The spokesperson of KuCoin, one of the world’s largest exchanges, said, “If the crypto legislation comes through in India, KuCoin will increase investment in the Indian market to consolidate KuCoin’s brand position and to better serve local traders, and as for setting up an operational centre in India, it will be considered as per the request of the crypto bill.” Charles Tan, head of marketing at Coinstore, said, “We’ll still be waiting for the final regulations before taking bigger steps. We intend to hire an additional 100 professionals for our India operations by the end of 2022. We’ll continue our plan to expand our operations in India.”