India’s Newest Crypto ‘Unicorn’ CoinSwitch Kuber in Talks with Government over Regulation: Report

CEO Ashish Singhal said the company is making “amazing progress” in its conversations with the government and regulators.

AccessTimeIconOct 19, 2021 at 12:18 p.m. UTC
Updated May 11, 2023 at 6:29 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Indian cryptocurrency exchange CoinSwitch Kuber is in talks with India’s government over regulation of the industry, CEO Ashish Singhal said in an interview with Bloomberg on Tuesday.

  • Singhal said conversations with the government and regulators are in a “Q&A phase.”
  • “Regulators are engaging with industry leaders like us and industry bodies and trying to understand cryptocurrencies – and we do understand the stance of the government.”
  • However, he admitted there are “fundamental flaws” in crypto which mean it does not abide with some of India’s laws.
  • The Indian government appears to have relaxed its plans to outright ban crypto, which was mooted earlier this year. Instead, the government is said to be in discussions to regulate the use of crypto in illegal transactions.
  • CoinSwitch Kuber recently became India’s second crypto unicorn when a $260 million funding round led by Andreessen Horowitz and Coinbase Ventures gave it a valuation of $1.9 billion.
  • With 10 million customers at present, the exchange has set a goal of onboarding 50 million Indians via new crypto products and services such as lending and staking.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Jamie Crawley

Jamie Crawley is a CoinDesk news reporter based in London.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.