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Indian businesses ride crypto-wave despite uncertain regulatory framework
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ambcrypto.comWhile the Indian administration is making an attempt to onboard policymakers for a progressive crypto law, recent reports also suggest otherwise. With watchdogs like the central bank maintaining a cautious stance on the sector, India might allow only pre-approved tokens to trade.
Recently, Swadeshi Jagaran Manch (SJM), a political organization in the country also suggested that the government to ensure crypto and mining data stay on domestic servers.
Despite the current uncertainty in the regulatory environment, new Indian businesses are betting big on the asset class.
As per data by Tracxn, India now has around 400 crypto start-ups, including 12 NFT players. Out of which, close to 100 crypto-related businesses were born in 2021 alone.
Sathvik
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