“I hope crypto will be mentioned in this budget and some relaxation will be given on crypto taxation,” said Sumit Gupta, CEO and co-founder of CoinDCX, a leading cryptocurrency exchange in India, during an interview with local media.
Gupta emphasized that India should not shy away from regulating cryptocurrencies, but rather take a leadership role in shaping its future. In an interview with The Hindu on January 16, 2025, Gupta spoke about the opportunities and challenges in the crypto space.
Gupta argued that lack of regulatory clarity hampers innovation and drives talent and capital out of India.
“I believe in clean, regulatory-compliant businesses operating in the crypto space. And efforts need to be made to steer the industry in this direction to keep bad actors out of the ecosystem,” Gupta said.
Explore: India deliberates on cryptocurrency framework, focus remains on international collaboration
“In 2025, I see not only the United States, but many other countries taking positive steps”
Bitcoin has exceeded $100,000!
“Bitcoin has no value.”
“Bitcoin is a fad.”
“Bitcoin will return to zero.”
These are some of the statements of the @CoinDCX The team heard about us often when we first started in 2018. Even our own friends and family echoed some of these doubts! But have… pic.twitter.com/x3SUuqziGZ– Sumit Gupta (CoinDCX) (@smtgpt) December 5, 2024
Like most industry leaders, Gupta expects new US President Donald Trump to pass various crypto-related administrative orders. “While other countries are taking such a proactive approach, India should not hesitate,” he said. “As an entrepreneur in this field, I fear that if we don’t work on it now, 2026 will be very late, as many countries would have made progress on this front.”
Gupta fears that India will lose a lot of innovation, talent and value addition to GDP.
India is home to one of the largest pools of crypto investors in the world, with millions of users actively trading or holding digital assets. According to industry estimates, the Indian crypto market has the potential to contribute significantly to the country’s GDP if effectively regulated.
“I am happy to know that the new RBI governor appreciates new technologies and innovations,” Gupta said. “RBI’s outlook on the use of crypto as a technology is improving and I hope this continues.
Gupta highlighted the fact that many countries have completely changed their stance and are openly accepting this (crypto-related) innovation. “I believe India will open up gradually,” he said.
Explore: WazirX suffers a security breach and $230 million lost
Can CoinDCX acquire WazirX?
Is CoinDCX ready to acquire WazirX. “Honestly, it’s not in my hands,” Gupta said. “There are many legal proceedings and other factors. But we remain open to helping affected customers.
Speaking about the security breach at WazirX, Gupta said, “All I know is that Indian customers have been affected due to a security breach and this is also having a direct impact on customer sentiment. users. »
Gupta insisted that CoinDCX is ready to take money out of its pocket to compensate for any losses incurred by WazirX.
Criticizing the way WazirX handled the security breach, Gupta said: “In the case of WazirX, I think they could have handled it better. In our case, we have implemented robust measures to protect our customers in the unlikely event of an incident.
“As we want to play an active role in growing the ecosystem, we are here to do whatever is necessary to help customers regain confidence,” Gupta said. “Of course we will get the deal, but as a market leader it is essential for us to act.”
“Maybe once we get court permission, in a month or two, we’ll have an update, but yes, the intention is there,” Gupta clarified.
Explore: Mudrex in India suspends crypto withdrawals until January 28 amid increasing user growth
CoinDCX Indian CEO hopes for relaxation of cryptocurrency taxation in Budget 2025. And can CoinDCX acquire WazirX? appeared first on 99Bitcoins.
