Crypto hirings may see boom on regulatory clarity, Trump win: Report

Donald Trump's election win, coupled with his association with crypto advocate Elon Musk, has reignited optimism in the sector

The cryptocurrency job market in India is set for a rebound in the coming year, driven by greater regulatory clarity and global developments, including Donald Trump's return to the White House, according to The Economic Times.

 

The global cryptocurrency market surged past $3 trillion following Trump’s recent electoral victory, according to a Reuters report. Trump's win, coupled with his association with crypto advocate Elon Musk, has reignited optimism in the sector.

 

Bengaluru, Mumbai, Hyderabad, Gurugram, and Pune host a thriving community of Web3 and blockchain experts. According to the Economic Times report, the entry of global crypto exchanges into India could boost interest in cryptocurrencies and revitalise the sluggish crypto job market.

 

 

Edul Patel, chief executive of Mudrex, told the Economic Times that crypto being discussed during the US election campaign was a watershed moment for an industry which has faced legitimacy concerns.

 

Growing mainstream adoption and regulatory developments, such as India's inclusion of crypto under anti-money laundering laws and mandatory registration with the Financial Intelligence Unit, are also reducing skepticism around digital assets.

 

INDIA's APPROACH TOWARDS CRYPTOCURRENCY

 

India's approach to cryptocurrency regulation has evolved significantly over recent years. Cryptocurrencies like Bitcoin are legal in India but are not recognised as legal tender. There is no specific regulatory framework for trading and holding cryptocurrencies, though the government is working on establishing one to address associated risks and concerns.

 

In April 2018, the Reserve Bank of India (RBI) prohibited its regulated entities from providing services to individuals or businesses linked to virtual currencies. However, in March 2020, the Supreme Court lifted this ban, allowing banks to facilitate cryptocurrency transactions.

 

In May this year, market watchdog Securities and Exchange Board of India (Sebi) proposed a multi-regulatory approach to overseeing cryptocurrency trade, suggesting that different regulators manage activities linked to cryptocurrencies within their respective domains. This contrasts with the RBI's preference for a complete ban on certain digital assets.

 

In July, calls for regulation picked pace following a security breach at crypto exchange WazirX. According to a Business Standard report on November 24, crypto companies are setting up baseline user protection processes, including a redressal mechanism, fraud detection, regular filing of suspicious transaction reports (STRs), among others.

 

“After what has happened with WazirX, the confidence of the ecosystem is quite low. You can create a licensing regime to start with to ensure that companies who get a licence are vetted by an agency or an individual before they can begin operations,” Ashish Singhal, co-founder, CoinSwitch, had told Business Standard.

 

REVIVAL IN CRYPTO HIRING

 

The report in the Economic Times noted that the current demand for crypto talent is 60 per cent of what it was in November 2023 and just a fifth of what it was in 2022.

 

Recent executive appointments at crypto exchanges CoinDCX reflects a change in the outlook towards the sector, including Prashant Verma, previously with Licious, as Chief Growth and Marketing Officer.

 

"Leaders from top technology companies, fintech giants, and other established sectors are increasingly making the move to Web3, bringing valuable expertise to help drive the industry forward," Economic Times quoted Mudita Chauhan, CHRO of CoinDCX, as saying.

 

While compensation remains attractive—ranging from Rs 12–32 lakh per annum for blockchain specialists and Rs 35–78 lakh for experienced professionals—salary growth has stagnated over the last 18 months, the report highlighted.