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Crypto business takes off but industry still waiting for regulations  

Global technology majors, which are keen on India, are also looking for some indications from the government before bringing in their exchange businesses. 

June 11, 2020 / 12:05 PM IST

The Indian crypto industry is in the middle of a boom. Not just local traders and tech enthusiasts but even global cryptocurrency majors want a play in the second coming of virtual currencies in the country.

A few of them have started initial operations but most are waiting for clarity from the government on digital tenders before committing their dollars in the Indian market.

Industry insiders saw millions of dollars worth of business is being done every week, with the lockdown pushing up the volumes. The government, they say, is losing out on precious revenue by not coming up with a regulatory mechanism.

“Regulations will bring platforms into the economy, growing trading volumes will also ensure more revenue for the government, wealth for genuine traders and also ensure fair pricing on booking trades, overall it will be a win-win,” said Naveen Surya, chairman of the Fintech Convergence Council, an industry body for fintech startups.