MetaverseNFTCoins.com
  • NFT News
  • Crypto News
  • Blockchain
  • Regulations
  • Scams
No Result
View All Result
MetaverseNFTCoins.com
No Result
View All Result

INTERVIEW: Old-school regulatory framework for traditional assets won’t work for cryptocurrencies and blockchain, says CrossTower CEO

December 8, 2021
in Regulations
Reading Time: 4 mins read
A A
INTERVIEW: Old-school regulatory framework for traditional assets won’t work for cryptocurrencies and blockchain, says CrossTower CEO
ShareShareShareShareShare
  • CrossTower estimates that the crypto industry can add $1.1 trillion to India’s economy over the next 11 years.
  • In an interview with Business Insider, co-founder and CEO Kapil Rathi highlighted that while India doesn’t need a new regulator for the crypto industry, the traditional way of handling securities and assets won’t be sufficient.
  • The regulation also needs to be equipped to handle new players like decentralised organisation, wallet managers and custodians.

Global crypto exchange CrossTower estimates that blockchain technology could add $1.1 trillion to India’s economy over the next 11 years — “but only with the right policies and regulatory framework.”

But, that doesn’t necessarily mean setting up a whole new regulatory system for the crypto sector. Instead, the Indian authorities should create an off-shoot or sub-division within an existing regulatory body and invest in the right resources, according to co-founder and CEO of CrossTower, Kapil Rathi.

I don’t think we want to create another regulator [for cryptocurrencies in India] — crowding the field when it comes to regulation is never a good idea.

Kapil Rathi, co-founder and CEO of CrossTower, told Business Insider in an interview

CrossTower pegs the success of the crypto industry in India on public-private partnerships, grants and frameworks for education, sandboxes for regulatory clarity, venture capital programs and incentives for foreign investment.


Old-school framework for traditional assets won’t work for cryptocurrencies and blockchain

According to Rathi, while India doesn’t need a new regulator just for cryptocurrencies, the existing framework for regulating assets or securities will not be sufficient when it comes to tokenomics. It will take specialisation to be able to tell the scams from the legit projects.

Moreover, the cryptoverse has players that the traditional world of assets never had to deal with like custodians and crypto wallet companies. “These kind of nuances don’t really exist in the traditional asset classes,” Rathi explained.

According to a cabinet note seen by
NDTV, India’s markets’ watchdog — the Securities and Exchange Board of India (SEBI) — will be incharge of regulating crypto exchanges in India. “You can’t apply the traditional assets’ framework on a new technology and a new asset class, where some of these tokens are not even run by organisation — there are no companies to go out to,” Rathi told Business Insider in an interview.

CrossTower has based its $1.1 trillion estimate on three factors — the scope of India’s startup ecosystem, the young age of the country’s population, and the projected growth of local developers. As these aspects mature, India will attract more capital inflows from abroad, provided it keeps its doors open to the rest of the world.

The ecosystem is venture capitalists (VCs), investments, blockchain platforms — like Alogrand, Solana and Polkadot… Investment, the capital and the foreigh direct investments (FDI) will start coming in from VCs, as well as these international protocols, as stakeholders start looking at India as a potential [location] to expand their global footprint.

Kapil Rathi, co-founder and CEO of CrossTower, told Business Insider in an interview

India will need to invest resources to get crypto right




Whether it’s SEBI at the helm or any other organisation, additional resources will have to be invested in educating the employees or hiring the right talent, according to Rathi. “I can’t imagine people who have regulated commodities or even securities 20-30 years ago are 100% equipped to understand the intricacies of this asset class,” he told Business Insider.

India’s digital dream may need to pivot

According to Startup India, the country has the third largest startup ecosystem in the world — home to approximately 50,000 startups as of 2018, 20% of which were tech startups. It currently has the highest natively digital population in the world, with a developer base of 2.8 million. By 2023, barely two years down the line, India is projected to have more developers than any country around the world.
Last year, lending tech startups in India’s ‘Silicon Valley’, Bengaluru, attracted $682 million in VC funding. “Given lending is a significant past of DeFi [decentralised finance], digital asset startups can likely add on to this funding figure,” noted CrossTower’s report.

India is also home to two unicorn startups. Both CoinSwitch Kuber and CoinDCX, announced fresh funding this year with valuations exceeding $1 billion.

India’s geopolitical power, status and leadership over the next 20 years is inextricably linked to the policies and regulatory framework that it implements today with respect to digital assets and the Web 3.0 industry.

Cross Tower’s report on ‘India’s $1.1 Trillion Digital Asset Opportunity’ dated December 6

Rathi and fellow co-founder of Cross Tower Kristin Boggiano have been in India over the past week talking to regulators and policy makers. According to them, the framework of the bill is evolving everyday. However, the overall sentiment seems to be positive.


Given the way the government’s perspective is evolving, it’s going to be a gradual process. Step one is a willingness to understand the technology [and] a willingness to create a regulatory framework.

Kapil Rathi, co-founder and CEO of CrossTower, told Business Insider in an interview


SEE ALSO:
SuperRare NFT sells for more than $2 million — a 20,000-fold increase in value over three years

Crypto FAQs answered — everything you need to know about crypto regulations, trading, taxes and CBDC in India


Credit: Source link

ShareSendTweetPinShare
Previous Post

Cryptocurrency prices LIVE – Bitcoin, Shiba Inu, and Ethereum struggle as Polygon up 40% and Metaverse tokens soar

Next Post

Bitcoin Hashrate Climbs 93% from the Recent Lows

Next Post
Bitcoin Hashrate Climbs 93% from the Recent Lows

Bitcoin Hashrate Climbs 93% from the Recent Lows

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Weekly Updates

FinTech Firm tZERO Announces Exchange Shutdown

FinTech Firm tZERO Announces Exchange Shutdown

February 5, 2023
Web3 Payments SaaS Can Push Mainstream Crypto Adoption

Web3 Payments SaaS Can Push Mainstream Crypto Adoption

February 7, 2023
Binance to Acquire FTX’s Non-US Assets to Clear Out ‘Liquidity Crunches’

Binance Invests in Crypto Exchange GOPAX

February 3, 2023
Bitcoin Price Heading Back Towards $23,000 – Will We See It Retest $24k Again?

Bitcoin Price Heading Back Towards $23,000 – Will We See It Retest $24k Again?

February 5, 2023
LUNC/USD Ranges as Price Touches $0.000210 Level

LUNC/USD Ranges as Price Touches $0.000210 Level

February 3, 2023
MetaverseNFTCoins.com

This is an online news portal that aims to provide the latest NFT news, crypto news, blockchain, regulations, scams, and much more stuff like that around the world. We promise to share only high quality content from the world's best crypto sources. Feel free to get in touch.

What’s New Here!

  • Shiba Inu scores massive 1.3M holders amid coming up Shibarium
  • 3AC Founder Accused Of Obstructing Court Orders
  • Korean authorities confirm search for Do Kwon

Subscribe Now

Loading
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2021 - metaversenftcoins.com - All rights reserved!

No Result
View All Result
  • NFT News
  • Crypto News
  • Blockchain
  • Regulations
  • Scams

© 2021 - metaversenftcoins.com - All rights reserved!

  • bitcoinBitcoin (BTC) $ 23,113.00 0.42%
  • ethereumEthereum (ETH) $ 1,674.55 2.04%
  • tetherTether (USDT) $ 1.00 0.13%
  • bnbBNB (BNB) $ 331.91 0.76%
  • usd-coinUSD Coin (USDC) $ 0.999979 0.13%
  • xrpXRP (XRP) $ 0.401608 1%
  • binance-usdBinance USD (BUSD) $ 1.00 0.1%
  • cardanoCardano (ADA) $ 0.400183 2.66%
  • dogecoinDogecoin (DOGE) $ 0.092088 0.85%
  • matic-networkPolygon (MATIC) $ 1.32 6.5%
  • okbOKB (OKB) $ 45.46 2.5%
  • solanaSolana (SOL) $ 23.68 1.67%
  • staked-etherLido Staked Ether (STETH) $ 1,670.65 2.02%
  • shiba-inuShiba Inu (SHIB) $ 0.000014 0.51%
  • polkadotPolkadot (DOT) $ 6.87 2.18%
  • litecoinLitecoin (LTC) $ 100.64 1.09%
  • avalanche-2Avalanche (AVAX) $ 20.59 2.29%
  • tronTRON (TRX) $ 0.067832 4.86%
  • uniswapUniswap (UNI) $ 6.92 1.46%
  • daiDai (DAI) $ 0.999861 0.13%
  • cosmosCosmos Hub (ATOM) $ 15.29 4.46%
  • wrapped-bitcoinWrapped Bitcoin (WBTC) $ 23,099.00 0.34%
  • chainlinkChainlink (LINK) $ 7.23 2.94%
  • the-open-networkToncoin (TON) $ 2.29 2.88%
  • ethereum-classicEthereum Classic (ETC) $ 23.03 1.96%
  • leo-tokenLEO Token (LEO) $ 3.38 0.03%
  • moneroMonero (XMR) $ 168.25 0.72%
  • bitcoin-cashBitcoin Cash (BCH) $ 134.12 0.4%
  • aptosAptos (APT) $ 15.52 2.1%
  • stellarStellar (XLM) $ 0.092292 2.25%
  • nearNEAR Protocol (NEAR) $ 2.72 15.58%
  • apecoinApeCoin (APE) $ 6.04 5.69%
  • crypto-com-chainCronos (CRO) $ 0.085014 5.46%
  • filecoinFilecoin (FIL) $ 5.60 4.19%
  • lido-daoLido DAO (LDO) $ 2.52 4.5%
  • algorandAlgorand (ALGO) $ 0.290030 5.29%
  • quant-networkQuant (QNT) $ 141.34 2.25%
  • hedera-hashgraphHedera (HBAR) $ 0.078391 13.51%
  • vechainVeChain (VET) $ 0.025970 5.14%
  • internet-computerInternet Computer (ICP) $ 5.95 4.34%
  • the-graphThe Graph (GRT) $ 0.189410 3.19%
  • fantomFantom (FTM) $ 0.557255 0.33%
  • the-sandboxThe Sandbox (SAND) $ 0.867051 19.37%
  • decentralandDecentraland (MANA) $ 0.790712 7.94%
  • axie-infinityAxie Infinity (AXS) $ 11.95 7.45%
  • aaveAave (AAVE) $ 89.31 2.81%
  • flowFlow (FLOW) $ 1.23 9.94%
  • eosEOS (EOS) $ 1.11 2.73%
  • elrond-erd-2MultiversX (EGLD) $ 47.43 3.83%
  • theta-tokenTheta Network (THETA) $ 1.17 1.9%