It used to be Indian banks preventing crypto exchanges from accessing services under the direction of the Reserve Bank India, but banks are now beginning to partner with these crypto providers to support their services.
Kotak Mahindra bank has this week started a partnership that allows WazirX — one of the largest crypto exchanges in India — to run a cryptocurrency account. This comes after WazirX witnessed frustration with other banks despite an earlier Supreme Court ruling whitelisting crypto activities with banks. Traders on the exchange will be able to receive and send money through the bank. It is one of those moves showing that banks and crypto businesses are starting to align themselves, ready to tap new business opportunities under an upcoming crypto regulation in India.
The Indian crypto industry spans more than 15 million crypto owners or 7.3 percent of the population, which makes the country one of the top five in the world in terms of the number of crypto users in a single country. The country has so far witnessed 100 crypto startups in 2021, which brings the total to around 400 crypto startups according to a Tracxn report. And in the rear-view mirror of industry uncertainty, two Indian crypto unicorns — CoinSwitch Kuber and CoinDCX – were born this year as evidence the industry was booming fast. The Indian crypto valuation is now about $1.9 billion, up from $500 million earlier this year.
Apart from Mahindra bank, over 10 other banks – mostly privately-owned ones – are also allowing crypto transactions via the Unified Payment Interface platform. However, most banks are still reluctant to allow crypto exchanges and businesses to operate accounts with them. Nevertheless, it could be a matter of time before this changes as it has already become clear from recent developments that crypto regulations will be soon in place to facilitate that, instead of preventing it.
Most banks are awaiting the enforcement of the upcoming crypto bill to engage with crypto exchanges in the country. The upcoming Indian crypto bill is also likely to open more avenues for banks to engage with the crypto industry instead of creating a blockage. For instance, it is championing a uniform KYC process for all crypto exchanges, which when adopted, could improve the crypto industry outlook.
However, the new bill, if adopted as law, also means regulators like the Securities and Exchange Board of India would be able to scrutinize activity and transactions when they need to. The bill will also require crypto business owners engaging with their banks especially for business transactions to do tax reporting on those activities.
Fastidious replies in return of this query with firm arguments and telling all about that.
I couldn’t resist commenting. Well written!
Remarkable! Its in fact awesome post, I have got
much clear idea on the topic of from this paragraph.
I was recommended this web site by means of my cousin. I’m no longer positive whether this put up is
written via him as no one else know such certain approximately my problem.
You’re amazing! Thanks!
It’s actually a great and useful piece of info.
I am satisfied that you simply shared this useful info with us.
Please stay us informed like this. Thanks
for sharing.
I every time emailed this webpage post page to all my contacts, because if
like to read it after that my contacts will too.
fantastic post, very informative. I ponder why the opposite experts
of this sector don’t notice this. You should continue your writing.
I am confident, you’ve a huge readers’ base already!
Nice post. I was checking continuously this weblog and I am inspired!
Very useful info specially the remaining phase 🙂 I deal with such information much.
I was seeking this particular info for a long time. Thanks
and good luck.
Normally I do not learn post on blogs, however I would like
to say that this write-up very pressured me to try and do it!
Your writing style has been amazed me. Thank you,
very nice article.
Good day I am so excited I found your blog, I really found you by accident,
while I was searching on Askjeeve for something else, Anyways I am here now and
would just like to say kudos for a tremendous post and a all round
exciting blog (I also love the theme/design), I don’t have time to
read it all at the moment but I have bookmarked it and also
included your RSS feeds, so when I have time I will
be back to read a great deal more, Please do keep
up the fantastic jo.
Sweet blog! I found it while surfing around on Yahoo News.
Do you have any suggestions on how to get listed in Yahoo
News? I’ve been trying for a while but I never seem to get
there! Cheers
Definitely imagine that that you said. Your favourite reason seemed to be on the internet the easiest thing to have in mind
of. I say to you, I definitely get annoyed at the same time as other people
think about worries that they plainly do not
recognise about. You controlled to hit the nail upon the top and also outlined out the whole thing with no need side-effects , other people could
take a signal. Will likely be again to get more.
Thanks
For latest news you have to go to see world-wide-web and on the web
I found this website as a finest web site for hottest updates.
Great article.
excellent put up, very informative. I ponder why the opposite experts of this sector do not understand this.
You should continue your writing. I am sure, you
have a huge readers’ base already!
When some one searches for his essential thing, so he/she
wishes to be available that in detail, so that thing is maintained over here.
If you would like to obtain much from this paragraph then you have to apply such methods to your won weblog.
Simply want to say your article is as astonishing.
The clarity in your post is just excellent and i could assume you are an expert on this subject.
Fine with your permission let me to grab your RSS feed to keep updated with
forthcoming post. Thanks a million and please keep up the rewarding work.
We’re a group of volunteers and opening a new scheme in our
community. Your site offered us with valuable information to work on. You’ve done a formidable job and our
entire community will be grateful to you.
Magnificent goods from you, man. I have understand your
stuff previous to and you are just extremely magnificent.
I really like what you have acquired here, really
like what you are saying and the way in which you say it.
You make it enjoyable and you still care for to keep it sensible.
I can not wait to read far more from you. This is really a tremendous site.
Everything is very open with a precise explanation of the issues.
It was definitely informative. Your site is extremely helpful.
Thank you for sharing!
Greetings from Idaho! I’m bored at work so I decided to check
out your website on my iphone during lunch break. I enjoy the info you provide here and
can’t wait to take a look when I get home. I’m surprised at how quick your
blog loaded on my cell phone .. I’m not even using
WIFI, just 3G .. Anyways, good site!
For the reason that the admin of this web site is working, no hesitation very
soon it will be well-known, due to its feature contents.
I’m not sure why but this blog is loading very slow for me.
Is anyone else having this issue or is it a problem on my end?
I’ll check back later on and see if the problem still exists.
Your style is unique in comparison to other folks I have
read stuff from. Thanks for posting when you’ve got the opportunity, Guess I’ll
just book mark this blog.
Hiya very nice site!! Guy .. Excellent ..
Wonderful .. I will bookmark your site and take the feeds also?
I am glad to find a lot of useful information here
within the submit, we need develop more strategies in this regard, thanks for sharing.
. . . . .
For most recent news you have to visit world wide web and on world-wide-web I found this site as a best website for most up-to-date updates.
Ahaa, its good conversation regarding this article
at this place at this blog, I have read all that,
so at this time me also commenting at this place.
Interesting blog! Is your theme custom made or did you download it from somewhere?
A theme like yours with a few simple tweeks would
really make my blog stand out. Please let me know where you got your theme.
Thank you
Hi, I do believe this is a great website. I stumbledupon it 😉 I will revisit once again since
I bookmarked it. Money and freedom is the greatest way to change, may you be rich and continue to help others.
Howdy! Someone in my Myspace group shared this website with us so I came to give it a look.
I’m definitely enjoying the information. I’m bookmarking and will be tweeting this to
my followers! Wonderful blog and superb design and style.
Hi, yes this article is genuinely fastidious and I
have learned lot of things from it regarding
blogging. thanks.
I used to be suggested this website by my cousin. I’m now not certain whether this post is written by him as no one else know such special
approximately my problem. You’re amazing!
Thank you!
Good post! We are linking to this particularly great post on our site.
Keep up the great writing.
Does your blog have a contact page? I’m having problems locating it but, I’d like to send you
an email. I’ve got some ideas for your blog you might be
interested in hearing. Either way, great
website and I look forward to seeing it improve over
time.
you’re in reality a good webmaster. The site loading velocity is amazing.
It sort of feels that you’re doing any distinctive trick.
Furthermore, The contents are masterwork. you have performed a fantastic job on this topic!
Nice weblog right here! Also your site rather a lot up fast!
What host are you the usage of? Can I am getting your affiliate link to your host?
I desire my web site loaded up as fast as yours lol
Please let me know if you’re looking for a writer
for your site. You have some really good posts and I believe I
would be a good asset. If you ever want to take some of the load off,
I’d love to write some material for your blog in exchange for
a link back to mine. Please blast me an email if interested.
Thank you!