'Bear market in crypto, TDS deal double blow for sector"

The Indian crypto industry is reeling - With the new taxation norms announced in Budget 2022-23, and the global turmoil around multiple cryptocurrencies leading to bankrupt trading platforms, many crypto founders and platforms, have decided to shift shop to countries with a clear and robust regulatory framework for virtual digital assets

- Dilasha Seth

One of them is WazirX, whose co-founder Nischal Shetty is building his latest venture, Shardeum, a layer-I blockchain platform.

VCCircle caught up with Shetty in Dubai, where he is now based. He discussed various issues such as WazirX's troubles, his current role at the crypto exchange, its NFT marketplace closure, the "crypto brain drain" and Shardeum's funding and expansion plans.

Edited excerpts:

The last year has been turbulent for you amid the Binance tussle, Enforcement Directorate scrutiny, etc. How did you deal with that?

It's not just about one year. With crypto, there is something or the other going on every year. It's exciting but there is uncertainty. WazirX was only four weeks old when Reserve Bank of India (RBI) banned regulated financial institutions from dealing in cryptocurrencies. But over time, you realise you are in a market that is new and misunderstood.

What takeaways does the year gone by have for you as the founder of India's largest crypto exchange?