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CoinDCX exchange aims for IPO amidst the regulatory prevailing strictness

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Despite regulatory uncertainty, the Indian crypto ecosystem is flying high, as evidenced by the number of crypto companies achieving unicorn status in the last two years.

CoinDCX, one of India’s most popular crypto exchanges and the country’s first crypto unicorn, has announced plans to go public through an initial public offering (IPO). The crypto exchange’s co-founder, Neeraj Khandelwal, disclosed that the company is eagerly waiting for clarification over the government’s crypto law.

The cryptocurrency industry is eyeing the Indian market, which is scheduled to present its cryptocurrency bill in parliament today. The law will be presented before for discussion and vote during the ongoing winter session, and every crypto platform is hoping for a favorable outcome. 

CoinDCX awaiting government’s approval

“As soon as the government or the situation allows us, we will try for an IPO. An IPO gives legitimacy to the industry, just like the Coinbase IPO gave a lot of confidence in the crypto markets. Similarly, we want to instill a similar level of confidence with an IPO of CoinDCX.”

The co-founder further added

After a $90 million Series C investment in August, CoinDCX, with a $1.1 billion valuation, became India’s first crypto exchange Unicorn. Major venture capital firms have made significant investments in the Indian crypto ecosystem, with plans to continue doing so in light of the market’s immense potential.

Where is India in the Web 3.0 Crypto Race?

The Indian crypto market is known to be highly enthusiastic, and the country has the largest number of crypto investors in the world. 

Positive rules and regulations would pave the way for India to become a global force to be reckoned with in a decentralized environment, and it may be a significant player in the Web 3.0 race.

Khandelwal said that the bill coming out at this point signifies development and acknowledgment from the government side to solidify the crypto investment base.

India is already the world’s biggest cryptocurrency market with more than 100 million investors but the regulatory clearance is still missing from the nation. As the government aims at banning “private cryptocurrencies,” a clarity is missing.

CoinDCX CEO Pens Letter To India’s Finance Minister About Crypto; Reiterates The Fantastic Opportunities

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India’s tryst with cryptocurrencies has been ongoing for a long time now and the negative stance perpetuated in the country has also become a big issue. This has not stopped cryptocurrency organizations and proponents from clearing the air about the industry.

In a recent letter to the Financial Minister of India, the CEO of the cryptocurrency trading platform CoinDCX spoke about how the digital assets industry can become a major part of the country’s next Union budget. 

Sumit Gupta, the chief executive of CoinDCX urged FM Nirmala Sitharaman to keep an open mind about digital assets and look at it as an opportunity. Gupta added that the goal was to create a dynamic industry that would run parallel to the traditional economy. He reassured the minister that cryptocurrencies were not planning to usurp the position held by fiat currencies but rather complement it. In his words:

“India has been presented with the chance to be a part of a new wave of innovation, which is a tremendous opportunity to bolster the strength of our future economy. Just as the internet fundamentally altered the way we live and work, cryptocurrencies have the potential to change the way we participate in the global financial system.”

The CoinDCX official opined that at a time when other countries were receiving billions of dollars in fintech investments, India was barely scratching the surface. He took the example of Singapore, a burgeoning economy that received $53 billion just in the fintech industry. Looking at the numbers, India only received a mere 0.02 percent of Singapore’s total holdings.

In the letter, Gupta tried to convince Nirmala Sitharaman about the socio-economic advantages of crypto in India. He claimed that the agricultural sector in India can greatly benefit from microfinance portals and smart contract-based supply chains. The implementation of such models is expected to lead to greater traceability and convenience during transfers.

According to Gupta, the implementation of blockchain technology will result in greater collaboration between the public and private sectors. He reiterated that the opportunity presented by crypto should not be passed upon by a growing economy like India. The country is still in the midst of figuring out how to deal with digital assets, with the Supreme Court overseeing the proceedings.

Meanwhile, the Reserve Bank of India has directed all the banks to not deal with cryptocurrencies. The main reasons cited for this ban was that cryptocurrencies could be used for ‘terror financing’ and blatant money laundering. To counter this notion, the CoinDCX CEO suggested measures such as penal frameworks and KYC implementation across the fintech industry. The Finance Minister was told that clear guidelines were imperative for the industry to thrive, guidelines created on proper facts and information.

Nirmala Sitharaman has not responded to the letter yet but crypto proponents were anxious to see what her reply might be. At a time when tensions were high in the country, a public letter from a crypto personality is seen as a step in the right direction for the industry.