At WEF, Indian crypto app CoinSwitch seeks regulatory 'peace, certainty'

CoinSwitch, which is valued at $1.9 billion, says it is the largest crypto company in India with more than 18 million users.

India must establish rules on cryptocurrencies to resolve regulatory uncertainty, protect investors and boost its crypto sector, CoinSwitch CEO Ashish Singhal said on Sunday. 

Although India's central bank has backed a ban on cryptocurrencies over risks to financial stability, a federal government move to tax income from them has been interpreted by the industry as a sign of acceptance by New Delhi.

"Users don't know what will happen with their holdings - is government going to ban, not ban, how is it going to be regulated?" Singhal, a former Amazon engineer who co-founded CoinSwitch, told Reuters at the World Economic