CoinSwitch exchange is planning to expand its services in other asset classes amid critical Crypto rules.
Recently Ashish Singhal, co-founder of the CoinSwitch exchange, appeared in an interview with Forkast and talked about the future plans of the exchange.
Ashish said that the 30% Crypto trade policy on the Crypto exchanges in the Indian market is causing a very big impact on the Crypto Investors’ trade activities.
Reportedly, 30% TAX & 1% TDS caused a very big issue for the Crypto traders, and in this situation majority of the Crypto investors are not interested to trade, so in the last year of time frame Crypto trade volume plunged by approximately 90% on the Indian Crypto exchanges.
CoinSwitch co-founder said that the exchange is planning to introduce non-Crypto services to the users. For example fixed deposits, ETFs (exchange-traded funds), mutual funds, stocks, bonds, and U.S. equities.
He also explained that the exchange will try to bring such non-crypto services more uniquely so that customers will be able to understand the perfect asset to invest in.
Crypto regulatory policies in India
India is a developing country and in the past few years, the country has adopted huge technical advancements in government services under the leadership of Indian prime minister Narendra Modi.
In the present time, there is only a 30% Crypto tax policy on each crypto trade profit but there is no crypto regulatory bill. So in this situation, the Indian government is making a profit from the Crypto sector but is not in the mood to talk about the Crypto regulation systems, to save the citizens from any kind of Crypto linked illegal/fraud activities.
Indian Central Bank RBI is also testing the digital Rupee, or say e-Rupee, in association with four leading banks in the country.