Local crypto currency exchanges are also growing exponentially. CoinDCX, backed by B Capital, and CoinSwitch Kuber, backed by a16z and Coinbase Ventures, became unicorns this year.
OCBC bank is mulling to set up a digital asset exchange after it’s competitor DBS launched a crypto exchange in December 2020
However, despite the huge investor interest, cryptocurrencies are currently unregulated in India. Industry bodies are using Codes of Conduct to ensure compliance with tax and other laws by members, while some regulations control cryptocurrency advisory.
All signs suggest that a new crypto bill can be tabled in the parliament during the winter session. It will provide us with a clearer picture