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.
- 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.
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