Indian Crypto Industry Optimistic After Binance Enters the Market

Udgivet den by Cointele | Udgivet den

Crypto exchanges shut down due to regulatory pressure and crypto entrepreneurs were arrested.

Despite this, in less than 18 months following the ban, Binance made the decision to buy out WazirX, India's biggest crypto exchange.

Sogani added that he hopes to see regulatory clarity on crypto soon, explaining that the government needs to outline standards on how to treat crypto payments, Know Your Customer, taxing profits, crypto exchanges, fundraising regulations, and ultimately, whether the tokens should be treated as securities.

The exchange created the world's first auto-matching peer-to-peer engine to help traders convert Indian rupees into crypto and vice versa.

The Indian crypto ecosystem is optimistic that Binance's purchase of WazirX is just the beginning of big names venturing into the country.

"I think we'll see a ton of large Crypto businesses participate in India provided the existing banking restriction is lifted. This restriction by RBI is causing India to lose 100s of Millions worth of investment. India is lagging behind the Crypto and Blockchain innovation curve as a result."

"The recent news about these exchanges is an encouraging sign. It displays the credibility of the Indian Crypto Ecosystem as well as the faith the world has in India. With a wide variety of services, CoinDCX would like to welcome Binance into India. Their association just reinforces the belief in our India Business. Certainly, the global crypto world is bullish about India."

Entrepreneurs aren't the only ones optimistic about the future of the crypto ecosystem.

"The acquisition of WazirX by Binance should be construed as a positive step since this would help assembly the defragmented efforts to approach regulatory authorities for bringing in place regulatory framework. Also global experiences of binance dealing with other government and their subsequent change in stance towards a pro crypto approach, may well be the trigger that India needs to head in the right direction for such regulations."

"Before the campaign, people thought Crypto was illegal in India. Now they understand it's just a banking restriction. People also realise there are tons of legitimate projects out there. There's awareness around Crypto adoption in other countries, how other nations are dealing with Crypto etc. Behind the scenes, we've been able to meet a few Members of Parliament in India who have been patient enough to listen to us and understand the innovative nature of Crypto."