Demystifying the cryptic crypto: Compliances and Regulations

Cryptocurrency space is maturing, India’s appetite for cryptocurrency is evident, as the country facilitates the highest recipient of remittances globally — more than $83 billion since 2018 every year. With the support of cryptocurrencies, the remittance market is expected to soar in India, with cheaper, more efficient methods of sending money. Shashi Prakash Jha, Head of compliance and Legal, WazirX explained the current scenario of cryptocurrency and cleared the air around uncertainty over the legal status of cryptocurrencies which is unnerving Indian investors who, according to unofficial estimates, hold around $1.5 billion (Rs 10,000 crore) in digital currencies. Market transparency and investor protection need to grow side by side with the market growth for sound industry development, Shashi also highlighted the KYC/AML related challenges associated with security of the platform and identity thefts and what should be taken care by companies.