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
In late 2020, the SEC asked Binance.US for detailed information on its business, including who is in control of users’ digital wallets, where cryptocurrencies are stored, and details of Binance.US’s agreements with Binance Holdings.
China’s ban on cryptocurrency trading is seen weakening Hong Kong’s role as a bridge for investors to access the mainland Chinese market.
India has a 59% share of activity taking place on decentralized finance (DeFi) platforms, with Pakistan at 33%, the report said
Benefits of executing such a transaction include enhancing transparency and security for all parties and reducing document negotiation cycle time to around one day from a week
Cryptocurrency exchanges do not allow trading for investors younger than 18 years years old, but many Indian teens skirt the rules by using their parents’ credentials.
Ten Chinese agencies, including the central bank and banking, securities and foreign exchange regulators, have vowed to work together to root out “illegal” cryptocurrency activity.