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Crypto or not: Industry to focus on user protection, licensing regime
Business Standard
|November 25, 2024
A consultation paper on the crypto sector is expected to suggest clarity on regulations after WazirX breach, says CoinSwitch co-founder
User protection and a proposal for a licensing framework for companies seeking to operate in the cryptocurrency area will be part of an upcoming consultation paper on the sector, said a senior industry executive.
Even as specific regulations around crypto are yet to take shape, companies are setting up baseline user protection processes, including a redressal mechanism, fraud detection, regular filing of suspicious transaction reports (STRs), among others.
"After what has happened with WazirX, the confidence of the ecosystem is quite low. You can create a licensing regime to start with to ensure that companies who get a licence are vetted by an agency or an individual before they can begin operations," said Ashish Singhal, co-founder, CoinSwitch, in an interaction with Business Standard.
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