In recent years, the crypto landscape in India has been turbulent, marked by regulatory uncertainty and high taxation. This has led many investors to turn to foreign platforms. While the Indian government’s issuance of compliance notices to nine offshore crypto exchanges in December 2023 has spurred some return to domestic platforms, a considerable portion of crypto assets remains held abroad. This suggests that investors prioritise potential returns over regulatory concerns, despite recent developments favouring Indian platforms. Given this backdrop, how is the crypto adoption story likely to play out in India in the coming years? Diving deep into the evolving Indian crypto landscape were Edul Patel, Co-Founder and CEO of Mudrex, Sumit Gupta, Co-Founder of CoinDCX, and Ashish Singhal, Co-Founder and CEO of CoinSwitch (a Peepal Co product), in a virtual conversation moderated by Apoorva Mittal, Special Correspondent, The Economic Times. The conversation was part of a webinar titled ‘India’s Crypto Evolution: Charting the Path Forward for Regulation, Adoption & Innovation’. Patel, Gupta, and Singhal discussed various aspects related to the cryptocurrency spectrum, including allocating funds to facilitate the movement of retail investors’ deposits to their exchange, implementing mechanisms to mitigate crypto volatility and creating a stable environment for retail investors, and steering financial literacy initiatives aimed at safeguarding beginners, during this special episode , presented by The Economic Times . Overall, the speakers echoed the sentiment that although the past years have been tough for crypto with better conditions, activity could return to previous levels seen in 2021 and 2017, while advocating the need for institutional support, governmental openness, and increased entrepreneurial activity. Watch the complete webinar to discover how a combination of a user perceiving both financial incentives and tangible benefits from crypto products will trigger mass adoption and more.
