- Sumit Gupta urges India to fix high taxes and unclear crypto rules to avoid losing innovation and value.
- CoinDCX plans to acquire WazirX, focusing on customer trust and security after its hack.
- Gupta highlights 2025 as crucial for global crypto regulations, urging India to act fast to stay competitive.
India Should Act on Crypto Regulations
Donald Trump is expected to announce new crypto rules soon. Sumit Gupta, CEO of CoinDCX, believes India must act quickly too. He warns that delays could cause India to lose innovation, talent, and value from crypto transactions.
Gupta said high taxes and unclear policies are hurting the Indian crypto industry. A 1% TDS and high tax rates have pushed 90% of trading offshore, losing ₹6 lakh crore in volume. He called for better policies to support the industry and attract innovation.
He believes 2025 will be critical for crypto globally. Many countries, including the U.S., are planning big steps for regulation. Gupta urges India to act now to stay competitive.
Plans to Acquire WazirX
Gupta spoke about CoinDCX’s offer to acquire WazirX, a troubled crypto exchange. He said the process is delayed due to legal issues. However, CoinDCX is committed to helping impacted customers.
He mentioned CoinDCX is willing to compensate users partially for their losses. Gupta believes customer trust is key to growing the ecosystem. Updates are expected in the next few months.
On WazirX’s hack, Gupta admitted no exchange is 100% safe. Even major exchanges like Binance and Coinbase have faced security breaches. What matters, he said, is how exchanges respond.
CoinDCX has taken strong measures to protect users. These include insured wallets and a crypto investor protection fund. Gupta also called for clear regulations to improve security across the industry.
Gupta is hopeful about India’s future in crypto. He praised the new RBI Governor for being open to innovation and crypto technology.
He noted that many countries are now supporting crypto as a key technology. Gupta believes India will gradually accept crypto and must act fast to stay ahead in the global crypto race.
