In a recent engaging exchange, Rajagopal Menon, Vice President of WazirX, peeled back the veil on crypto regulation milieu, both in India and globally. With Prime Minister Modi’s audacious call for unified crypto regulations echoing at the recent G20 summit, Menon provided insight into WazirX’s strategic positioning in the ever-evolving regulatory landscape of cryptocurrency.
Beginning with an appreciation of Prime Minister Modi’s vision for a harmonized global approach to crypto regulation, Menon outlined WazirX’s ethos – a holistic regulatory approach that balances benefits for all stakeholders. He then embarked on a retrospective of India’s relationship with cryptocurrency, highlighting a journey from suspicion to acceptance catalyzed by dialogues with policymakers and public campaigns such as #IndiaWantsCrypto directed by Nischal Shetty, WazirX’s visionary CEO.
The crux of our conversation with Menon dealt with the exploration of WazirX’s commitment to user protection. WazirX’s biannual “Transparency Report” initiative is a notable measure put in place. Not only does it give an insight into the platform’s evolution but it also ascertains WazirX’s collaborative efforts with local and universal agencies in tracking down illegal transactions.
Shifting the discussion to India’s taxing complications, especially following the implementation of a 30% tax on crypto gains and a 1% base tax on transactions, Menon shared the consequences that followed. There was a staggering 63% downfall in trading volume over a single day. It led the company to seek solutions including collaboration with third-party platforms to make tax filings more accessible for users. Despite tax challenges, WazirX upheld an unwavering commitment to user education.
When asked about upcoming regulatory modifications, Menon acknowledged inherent volatility within India’s regulatory landscape. Still, he exuded faith in India’s unique position in the larger crypto universe. For him, the importance is to build regulations that mirror India’s varied consumer base and demographic complexities, maintaining global standards to alleviate potential risks from malign actors.
As we concluded the insightful interaction, Menon reinforced WazirX’s zeal to fostering an international conversation around crypto regulations. Endowed with his visions of a future ripe with comprehensive user-centric regulatory advances, influenced by insights from rising Web3 projects and the blossoming crypto user population, it is evident that WazirX is more than just an exchange. It serves as a lighthouse, guiding the journey towards crafting an auspicious future for crypto acceptance, both in India and across the world.
Source: Cryptonews
