“I hope crypto finds some mention in this Budget, and some relaxation is granted on crypto taxation,” said Sumit Gupta, CEO and co-founder of CoinDCX, one of India’s leading cryptocurrency exchanges, while talking to local media.
Gupta highlighted that India must not shy away from regulating cryptocurrencies but instead take a leadership role in shaping their future. In an interview with The Hindu on 16 January 2025, Gupta talked about the opportunities and challenges in the crypto space.
Gupta argued that a lack of regulatory clarity hampers innovation and drives talent and capital out of India.
“I am believer of clean, regulatory compliant companies operating in the crypto space. And efforts must be taken to steer industry towards that direction to keep bad actors weeded out of ecosystem,” Gupta said.
Explore: India Is Deliberating On A Cryptocurrency Framework, Focus Remains On International Collaboration
“In 2025, I do see not just US, but many other countries taking positive moves”
Bitcoin has crossed $100K!
“Bitcoin has no value.”
“Bitcoin is a fad.”
“Bitcoin will go back to zero.”
These were some of the statements the @CoinDCX team frequently heard when we started out in 2018. Even our own friends and family echoed some of these doubts! But having… pic.twitter.com/x3SUuqziGZ— Sumit Gupta (CoinDCX) (@smtgpt) December 5, 2024
Like most industry leaders, Gupta is expecting incoming US President Donald Trump to likely pass various administrative orders related to crypto. “When various other jurisdictions are taking such a pro-active approach, India should not shy away,” he said. “As an entrepreneur in this space, my worry is that if we don’t work on it now, then 2026 will be very late as many countries would have progressed on this front.”
Gupta worries that India can lose out on lot of innovation, talent and value getting added to the GDP.
India is home to one of the largest pools of crypto investors globally, 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 regulated effectively.
“I am happy to know that the new RBI Governor is appreciative of newer technology and innovation,” said Gupta. “The perspective of RBI towards using crypto as technology is improving and hopefully it will continue.”
Gupta emphasized on the fact that many countries have changed their stance completely and are openly accepting this (crypto-related) innovation. “My belief is that India will gradually open up,” he said.
Explore: WazirX Suffers Security Breach, $230 Million Lost
Can CoinDCX Acquire WazirX?
Is CoinDCX ready to acquire WazirX. “Honestly, it is not in my hands,” said Gupta. “There are many court proceedings and other factors. But we remain open to the idea of helping impacted customers.”
Talking about the security breach at WazirX, Gupta said, “All I know is that Indian customers have been impacted due to security breach and that also directly impacts user sentiment.”
Gupta insisted that CoinDCX is ready to put money out of its pocket to compensate for whatever loss WazirX suffered.
Criticising the way WazirX handled the security breach, Gupta said, “In case of WazirX, I believe they could have handled it better. In our case, we have implemented robust measures to safeguard 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 perform whatever is required to help customers regain confidence,” Gupta said. “Of course, we will get the business but as a market leader it is critical for us to act.”
“Maybe once the court clearance happens, within a month or two we will have an update, but yes the intent is there,” Gupta clarified.
Explore: India’s Mudrex Suspends Crypto Withdrawals Till 28th January Amid Surging User Growth
The post India’s CoinDCX CEO Is Hoping For Relaxation On Crypto Taxation In Budget 2025. And Can CoinDCX Acquire WazirX? appeared first on 99Bitcoins.
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