Indian crypto industry expanding, regulators seem reluctant to engage
As Cashaa launches crypto banking services in India, the cryptocurrency industry continues to grow despite uncertain regulations. The people of India are awaiting access to crypto banking services, as British-based fintech firm Cashaa has collaborated with India’s United Multistate Credit Cooperative Society to launch a crypto-centric banking company called Unicas that will initially open 34 branches in Northern India and plans to have expanded to 100 branches by next year. Considering that India is largely a savings-driven economy, Unicas will also offer crypto saving accounts that pay....
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London-based banking company Cashaa will launch a crypto-friendly neo-bank in India The London-based online banking platform Cashaa is planning to launch a crypto-friendly neobank — or internet bank — in India. Kuman Gaurav, the founder of Cashaa, told Cointelegraph that Cashaa India will allow Indian businesses and individuals to open a savings account with them and buy, store and save cryptocurrencies just like any other financial instrument.“For lending, we will be adding crypto assets class together with gold and real estate as collateral,” he said.Gaurav explained the need for a....
The Securities and Exchange Board of India (SEBI) has issued a warning that registered investment advisers are not allowed to engage in unregistered activities. This warning includes crypto activities since crypto is currently an unregulated industry in India. SEBI Warns Registered Investment Advisers Cannot Engage in Crypto Activities Indian securities and commodity market regulator, the Securities and Exchange Board of India (SEBI), issued a notice regarding “unregulated products” Thursday. “It has come to the notice of SEBI that some registered investment advisers....
Indian crypto exchanges have been experiencing a flood of INR deposits and surging trading volumes since it was revealed that Elon Musk’s Tesla purchased $1.5 billion worth of bitcoin. The positive sentiment swept the Indian crypto industry despite the uncertainty of the cryptocurrency bill that may soon be introduced in parliament. INR Deposits and Trading Volumes Spiked After Tesla’s Bitcoin Buy News Indian cryptocurrency exchanges experienced high deposit volumes on Monday after Elon Musk’s Tesla revealed that it bought bitcoin. According to the company’s filing....
America’s largest exchange suspended some payment services on its newly launched Indian exchange due to pressure from the local payment regulators. The largest US-based crypto exchange Coinbase has stopped payment services through United Payments Interface (UPI) on its platform for Indian users just three days after its launch in the South Asian subcontinent.The UPI is the payment portal governed by the National Payment Corporation of India (NPCI), which facilitates buy orders on Coinbase’s India services. The exchange has already updated its payment method information on its website for....
An industry group of Indian bitcoin and blockchain-startups have sought an audience with the government as the latter looks to plausibly outline a regulatory framework for the innovation. The Indian government established a cryptocurrency ‘committee’ last week, one comprising of a number of officials from Indian ministries alongside representatives from the country’s central bank to research the framework surrounding digital currencies. The committee was notably co-established by the Ministry of Finance, India’s tax authority. Pertinently, the committee is tasked toward looking into....