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  • biconomyBiconomy (BICO) $ 0.528893

India’s crypto perception is moving from skepticism to acceptance, says Balaji Srihari of CoinSwitch

0 27

The recent approval of Bitcoin ETFs in the US has sparked a significant rally in the cryptocurrency markets worldwide. This development has been closely watched in India, where the crypto market has been experiencing a surge in interest and activity.

Invezz spoke to Balaji Srihari, Business Head, CoinSwitch, a leading crypto platform in India, to understand the impact of Bitcoin ETFs in the country and what changes have been seen in the trading volumes on Coinswitch in the last two months.

Invezz: How has Bitcoin ETF approval in the U impacted Indian crypto market? Have trading volumes for CoinSwitch increased in the last two months?

The recent approval of Bitcoin ETFs in the US has indeed sparked a significant rally in the crypto markets worldwide.

This development has been closely watched in India, where the crypto market has been experiencing a surge in interest and activity.

In Q3FY2023, we recorded a sequential growth of 200% in trading volumes, signalling a strong momentum in the market — especially with retail investors.

This uptrend has continued into 2024, driven by factors such as the approval of Bitcoin ETFs in the United States which saw some of the biggest traditional finance companies buying into BTC.

On CoinSwitch, we are seeing our best quarter in nearly two years, with higher trades and user registrations. In the first quarter of 2024 alone, our BTC trading volume surged by 220%, outpacing even our global peers.

Bitcoin halving anticipation

Also, Bitcoin halving is around the corner. So on one hand you have greater demand and on the other hand rate of supply will be cut in half post halving. This signals upwards price movement.

But it is also a good opportunity to sell and book profits so you’ll see phases of both upward and downward movement depending on demand and supply.

This surge in trading activity has also been reflected in our user base, with CoinSwitch reaching the milestone of 2 crore users, making it the first crypto platform in India to achieve this feat.

If the first quarter is any indication, 2024 looks set to be a strong year for CoinSwitch, with continued growth and innovation in the Indian crypto market.

Invezz: How has the Indian government’s decision to tax crypto gains influenced trading sentiment?

The crypto taxation policy continues to be a matter of friction for Indian investors, many of whom shifted their trading to foreign platforms and other informal channels after the tax kicked in.

We believe that the government’s approach to crypto taxation is part of a broader effort to protect investors and ensure the stability of the financial system. Given the history of the crypto ecosystem, such cautious policy measures are understandable.

In my view, India has made significant strides in changing its perception towards crypto, moving from skepticism to acceptance.

This shift is evident, for instance, government has mandated VDASPs to register and monitor transactions in compliance with relevant laws.

Impact of taxation on users

Such regulatory progress will hopefully also pave the way for a relook at the taxation structure for VDAs. Gradual improvement in the taxation regime will ultimately benefit Indian investors, the government and the industry in the long run.

This will also help create a more transparent, secure and sustainable VDA sector in India.

Invezz: Your revenue from operations declined in FY23. Are there any expansion or diversification plans in store for CoinSwitch?

At the parent company level, PeepalCo has registered its revenue and outlined expansion plans aligned with our vision of ‘making money equal for all’.

This vision extends beyond crypto, aiming to empower individuals with diverse investment options.

Regarding CoinSwitch, our current focus is on enhancing our existing product and innovating based on user feedback.

While we are not ready to disclose them, there are several new ideas we are working on for our users.

Invezz commentary

The recent approval of Bitcoin ETFs in the US has had a significant impact on the Indian crypto market.

CoinSwitch, one of the leading crypto platforms in India, has experienced a surge in trading volumes, with a 200% sequential growth in Q3FY2023 and a further 220% surge in BTC trading volume in the first quarter of 2024.

This growth is driven by increased interest from retail investors and the positive market sentiment created by the approval of Bitcoin ETFs.

Despite challenges like the government’s crypto taxation policy, the Indian crypto market is showing signs of acceptance and growth, making 2024 a promising year for CoinSwitch and the Indian crypto industry.

The post India’s crypto perception is moving from skepticism to acceptance, says Balaji Srihari of CoinSwitch appeared first on Invezz

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