Monday, February 6, 2023

India Requires One Single Crypto Regulator: Polygon Co-Founder

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India requires one single crypto regulator according to the Polygon co-founder while a collective authority could encourage projects such as Polygon to set up shop in the country so let’s read more today in our latest cryptocurrency news.

India requires one single crypto regulator that will oversee crypto-related matters according to the Polygon co-founder Sandeep Nailwal. He is one of the crypto industry’s most prominent Indian-born entrepreneurs and now lives in Dubai and said that the creation of the collective authority composed of representatives from the REserve bank of India and the Securities and Exchange Board of India will encourage projects like his own to open shop in the country:

“The finance ministry should be the one heading this task force, and every other institution should be given a clear mandate that no crypto case shall be handled locally. It should only be handled by the central crypto task force.”

According to Nailwail, the steps needed to secure a fair enrolment for dialogue and to ensure progress between blockcahin advocates and monetary security advocates. He also said that different government or enforcement institutions in different regions of India are actively involved in crypto and they have their own definition of what crypto is while the technology requires a strongly dedicated team:

“What they see is that crazy value is being created and try to see how it can be taxed in India. That’s needed, too. But to expect each nodal member of each regulatory body to truly understand this new technology in their busy schedules is very difficult. Hence we need one single highly empowered division, which has singular responsibility to interact, learn and enforce regulations on this fairly niche industry.”

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Naiwal said it was mainly regulatory uncertainty that kept Polygon out of India and has stated that although the co-founders are from India, Polygon is not an Indian entity by a decentralized network that has no headquarters and said that Polygon is an entity registered in the British Virgil ISlands:

“Polygon never set up in India from day zero.”

Discussing Polygon’s main focus and vision, Nailwal explained that the core goal is to scale up but that the immediate focus is different:

“We have an obligation for the next two years and that is to evangelize because if we keep scaling, but there’s nobody to use the applications, then it’s not productive for anyone.”

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