Allow me to rewind the clock a bit… by about 650 days. Crypto was on the front pages of every newspaper and on TV channels. The word “ban” was splashed across headlines. Speculations abound about some bill… It was not an easy time for anyone in the crypto ecosystem.
This September, crypto was once again on the front pages. The words that stood out this time were: “regulation” and “G20”. The contrast could not have been more stark.
A lot of work has gone into this. India’s policymakers and regulatory bodies have shown openness and prudence in understanding the nuances in crypto… of various businesses and use-cases, of the aspirations and challenges of the users, and of the transformative potential of the technology.
India’s G20 Presidency advanced the regulatory discussions on crypto through inclusive sessions on monetary policy and macroeconomic concerns. In the run-up to the Summit, CoinSwitch’s Public Policy Team also engaged with various G20 Member nations and invitees through open discussions on global crypto coordination. At CoinSwitch, we were thrilled to see it all culminating with G20 leaders unanimously welcoming the IMF-FSB Synthesis paper on crypto. The paper provides a roadmap for coordinated and comprehensive regulatory framework. If you want to deep-dive, here’s a link to the report. Each of the G20 nations would take guidance from the paper to develop a framework that accomodates their perspective and views on crypto.
Speaking of varied approaches, trading strategies of retail users and advanced traders are not identical. Their money goals differ, so do their risk-tolerance. Keeping that in mind, we’ve recently launched the Innovation Zone on CoinSwitch PRO, our advanced trading platform for pro users.
Exclusive to CoinSwitch PRO, Innovation Zone will provide our advanced traders with a wider range of riskier yet popular crypto assets to make the best of the market volatility. As always, make sure you DYOR before any trading decision.
I am also happy to share that CoinSwitch is now part of the Alliance of Reporting Entities in India For AML/CFT (ARIFAC). This will enable us to collaborate better with other AML/CFT reporting entities in India such as banks, NBFCs, and payment aggregators to bring more transparency to the industry.
At CoinSwitch, the season of festivities have come a little early. I’m also excited for the return of the Cricket World Cup! After all, it went well the last time India hosted it in 2011. Who do you think would be the standout player in 2023? Would love to hear your views on Team India’s prospects.
