“I hope cryptocurrencies get some mention in this Budget and some relaxation is given on taxation of cryptocurrencies,” said Sumit Gupta, CEO and co-founder of CoinDCX, one of India’s leading cryptocurrency exchanges, speaking to local media.
Gupta stressed that India must not shy away from regulating cryptocurrencies, but rather take a leadership role in shaping their future. In an interview with The Hindu on January 16, 2025, Gupta spoke about the opportunities and challenges in the cryptocurrency industry.
Gupta says a lack of regulatory clarity hinders innovation and pushes talent and capital out of India.
“I am an advocate for clean, regulatory-compliant companies operating in the cryptocurrency space. And efforts must be made to steer the industry in that direction to keep bad actors eliminated from the ecosystem,” said Gupta.
Explore: India deliberating on cryptocurrency framework, focus remains on international collaboration
“In 2025, I predict that not only the United States, but many other countries will take positive steps”
Bitcoin has surpassed $100,000!
“Bitcoin has no value.”
“Bitcoin is a fad.”
“Bitcoin will go back to zero.”
These were some of the statements of the @CoinDCX team we heard often when we started in 2018. Our friends and family echoed some of these doubts too! But having… 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 administrative orders related to cryptocurrencies. “When various other jurisdictions take such a proactive approach, India should not back down,” he said. “As an entrepreneur in this space, my concern is 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 may lose a lot of innovation, talent and value added to GDP.
India is home to one of the largest pools of cryptocurrency investors globally, with millions of users actively trading or holding digital assets. According to industry estimates, the Indian cryptocurrency 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 values new technologies and innovation,” said Gupta. “The RBI’s outlook towards using cryptocurrencies as a technology is improving and hopefully it will continue.”
Gupta highlighted the fact that many countries have completely changed their position and are openly accepting this innovation (related to cryptocurrencies). “My belief is that India will open up gradually,” he said.
Explore: WazirX suffers security breach, $230 million lost
Can CoinDCX Acquire WazirX?
CoinDCX is all set to acquire WazirX. “Honestly, it’s not in my hands,” Gupta said. “There are a lot of court cases and other factors. But we remain open to the idea of helping affected customers.”
Talking about the WazirX security breach, Gupta said, “All I know is that Indian customers have been affected due to the security breach and this also has a direct impact on user sentiment.”
Gupta insisted that CoinDCX is ready to put up money from its own pocket to offset 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 safeguard our customers in the unlikely event of an accident.”
“As we want to play an active role in the growth of the ecosystem, we are here to execute whatever is required to help customers regain trust,” said Gupta. “Of course we will get the business, but as a market leader it is crucial for us to act.”
“Maybe once we get the court permission, within a month or two we will have an update, but yes, the intent is there,” Gupta clarified.
Explore: Mudrex in India Suspends Crypto Withdrawals Until January 28 Amid Increasing User Growth
The post CoinDCX Indian CEO hopes for easing of cryptocurrency taxation in budget 2025. And can CoinDCX acquire WazirX? appeared first on 99Bitcoins.