India Blocks ₹2,385 Crore in Crypto Linked to Forex Scam

India’s Enforcement Directorate (ED) has provisionally attached ₹2,385 crore (~$271 million) in cryptocurrency assets under the Prevention of Money Laundering Act (PMLA), 2002. This sweeping action is part of a broader crackdown on illegal foreign exchange trading and digital asset misuse.

• Target: OctaFX Scam
  The crypto freeze is linked to the OctaFX forex trading platform, which allegedly defrauded Indian investors of ₹1,875 crore between June 2022 and April 2023. The platform reportedly operated from 2019 to 2024, generating illicit profits of up to ₹5,000 crore, much of which was routed overseas.
• Global Dragnet
  Spanish authorities arrested Pavel Prozorov, the alleged mastermind behind OctaFX, in coordination with Indian investigators. The ED’s Mumbai Zonal Office is leading the probe, which spans shell firms, offshore channels, and cross-border payment loops.
• Assets Seized
  
  • Crypto holdings worth ₹2,385 crore
  • Immovable properties and a luxury yacht previously attached
  • Total seized assets in the case now exceed ₹2,681 crore

This case signals India’s intensifying scrutiny of crypto-linked financial crimes and its resolve to regulate digital assets under existing anti-money laundering frameworks.

The first media outlet to report India’s ₹2,385 crore crypto freeze linked to the OctaFX forex scam was BreakingCrypto, publishing the story on October 17, 2025 at 4:54 PM EDT. Hindustan Times followed shortly after with its own coverage at 5:20 PM IST the same day.

Coinbase Invests in CoinDCX, Valuing Indian Crypto Exchange at $2.45 Billion

Coinbase has deepened its commitment to the Indian crypto market by investing further in CoinDCX, valuing the exchange at $2.45 billion post-money. Here's a quick breakdown of what this recent development in Indian cryptocurrency market:

Investment Highlights

• Investor: Coinbase Ventures (the investment arm of Coinbase)
• Recipient: CoinDCX, one of India’s leading crypto exchanges
• Valuation: $2.45 billion post-money
• Funding Type: Extension of a previous round; exact amount undisclosed
• Purpose:
  • Expand CoinDCX’s product suite
  • Drive user growth and innovation
  • Strengthen presence in India and the Middle East
  • Introduce new on-chain use cases tailored for India

• Strategic Moves:
  • CoinDCX recently acquired BitOasis, a crypto exchange in the Middle East and North Africa
  • The company now serves over 20 million users across India and the UAE

Coinbase’s Perspective:

Shan Aggarwal, Chief Business Officer at Coinbase, emphasized the potential of India and the Middle East as dynamic regions for crypto adoption and innovation

CoinDCX Valuation Timeline

Date	Round	Amount Raised	Post-Money Valuation	Key Investors
Sep 2020	Series B	$13.9M	$36.3M	Block.one, Polychain, Jump Capital
Jun 2021	Series C	$90.2M	$779M	Coinbase, Bain Capital, Polychain
Mar 2022	Series D	$135M	$1.51B	Pantera Capital, Steadview, Coinbase
Oct 2025	Extension	Undisclosed	$2.45B	Coinbase Ventures

Coinbase Reboots in India: FIU Nod, Trading Pause, and Possible CoinDCX Buyout

Coinbase, a leading centralized cryptocurrency exchange founded in 2012 by Brian Armstrong, has grown into one of the most trusted platforms for buying, selling, and storing digital assets. It serves over 245,000 ecosystem partners across 100+ countries, with more than $425 billion in assets on its platform.

Headquartered in the U.S. (though now remote-first), Coinbase, has made a notable comeback in India after a period of regulatory turbulence. Here's a breakdown of its current status and activities:

Re-entry into the Indian Market

• Coinbase has officially registered with India’s Financial Intelligence Unit (FIU), allowing it to operate under local compliance frameworks.
• This marks a strategic shift from its earlier exit in 2022, when it halted services due to issues with UPI integration and regulatory uncertainty.

What’s Now Available

• Indian users can reportedly send, receive, convert, and store supported cryptocurrencies on Coinbase.
• Full trading services (buy/sell) are expected to roll out later this year, following further regulatory alignment.

Security & Compliance

• Coinbase emphasizes high security standards including 2FA, cold storage, and insurance protection.
• Its FIU registration ensures anti-money laundering (AML) compliance, making it a safer option compared to unregulated platforms.

Limitations & Challenges

Trading is still restricted for Indian users as of now—no direct buying/selling of crypto.

Transaction fees on Coinbase tend to be higher than local exchanges like CoinDCX or Binance India.

Strategic Vision

Coinbase sees India as a key hub for onchain innovation, citing the country’s growing developer base and startup ecosystem.

The company aims to empower local builders through tools like Base, its Ethereum Layer 2 platform.

Crypto Exchange Comparison

Feature	Coinbase 🇺🇸	CoinDCX 🇮🇳	Binance India 🌏
Founded	2012 (US)	2018 (India)	2017 (Global)
Regulatory Status	FIU-registered in India	FIU-registered	Operates via WazirX (unclear FIU status)
Trading Access (India)	Limited (no buy/sell yet)	Full access	Full access
Fees	High (up to 3.99%)	Low (0.04%–0.1%)	Very Low (0.015%–0.1%)
Security	2FA, cold storage	BitGo-backed, recently hacked	2FA, SSL, cold storage
Mobile App	iOS & Android	iOS & Android	iOS & Android
Referral Bonus	₹750 in BTC	₹100 in ETH	Varies (BNB discounts)
User Experience	Global UX, beginner-friendly	Localized UX, beginner-friendly	Advanced UX, pro tools
Recent News	Re-entered India, may acquire CoinDCX	Recovering from $44M hack	Stable, high liquidity

Key Insights

• Coinbase is re-entering India with FIU registration and may acquire CoinDCX to accelerate local presence. Talks are ongoing but not confirmed. 
• CoinDCX offers low-cost trading and full access but is recovering from a major security breach. CoinDCX recently suffered a $44M hack.
• Binance India remains dominant for advanced traders, though its regulatory clarity is still in question.

How India’s Income Tax Department Used AI to Crack Down on Crypto Evasion

India’s Income Tax Department has successfully recovered ₹437 crore from cryptocurrency transactions in FY 2022–2023 by deploying a sophisticated blend of artificial intelligence (AI), machine learning (ML), and digital forensics. Here's how they did it:

Tech-Driven Enforcement Strategy

AI & Machine Learning Analytics

• Used to detect anomalies and patterns in crypto transactions.
• Compared Tax Deducted at Source (TDS) filings from crypto exchanges with individual income tax returns.
• Discrepancies over ₹1 lakh triggered automated alerts to non-compliant taxpayers.

Digital Forensics & Blockchain Analysis

• Tax officials trained to trace wallet addresses and link them to KYC data.
• Collaborated with institutions like National Forensic Science University (NFSU), Goa for capacity-building.
• Project Insight & Non-Filer Monitoring System (NMS)
• These systems correlated internal databases with reported income to flag under-reporting.
• Enabled targeted scrutiny without intrusive audits.

Results & Impact

Metric	FY 2021–22	FY 2022–23
Tax from Crypto (VDAs)	₹269.09 crore	₹437 crore
Growth Rate	—	+63%
Notices Sent (Discrepancy > ₹1L)	—	Thousands

The 63% year-on-year growth in crypto tax collection signals rising adoption and tighter compliance.

Over 42,000 cases are reportedly under investigation for unreported VDA income.

Global Alignment & Future Plans

India is aligning with the OECD’s Crypto-Asset Reporting Framework (CARF) for cross-border transparency.

The upcoming Income Tax Bill (2025) aims to strengthen real-time monitoring systems and close offshore loopholes.

India To Release Crypto Regulation Discussion Paper Next Month: Report

India is gearing up to release a discussion paper on crypto regulation in June. According to reports, the paper is expected to outline policy framework options, drawing insights from the International Monetary Fund (IMF) and the Financial Stability Board (FSB). It will invite public feedback to shape India's broader regulatory approach to crypto assets.

India has maintained a cautious stance on cryptocurrencies, imposing a 30% tax on gains from virtual digital assets while requiring crypto exchanges to register with the Financial Intelligence Unit. However, taxation does not equate to legal recognition, and the government is taking a calibrated approach based on national priorities.

The discussion paper comes at a time when global attitudes toward crypto are shifting, with the US moving toward pro-crypto legislation and establishing a strategic bitcoin reserve. India’s stance will likely be influenced by these developments, but officials emphasize that no knee-jerk decisions will be made. 

This could be a pivotal moment for India's crypto landscape.

Key points that might be covered in the discussion paper

India's upcoming crypto regulation discussion paper is expected to cover several key areas:

• Legal Status of Cryptocurrencies: Clarifying whether crypto assets will be treated as commodities, securities, or a separate asset class.
• Consumer Protection Measures: Proposals to safeguard investors from fraud, including mandatory disclosures for exchanges and stricter penalties for violations.
• Taxation Framework: Addressing concerns around the 30% tax on crypto gains and the 1% TDS on transactions, with potential revisions to encourage domestic trading.
• Regulatory Oversight: Exploring registration requirements for exchanges and compliance with the Financial Intelligence Unit.
• Global Best Practices: Drawing insights from IMF and FSB recommendations, as well as regulatory approaches in the US, EU, and Singapore.
• Central Bank Digital Currency (CBDC): Positioning India's digital rupee as a regulated alternative to decentralized cryptocurrencies.
• Stakeholder Feedback: Inviting public and industry input to shape India's long-term crypto policy.

India is taking a calibrated approach, ensuring that regulations align with national priorities while keeping pace with global trends.

Binance Pays ~ $2.25 Mn Fine to Restart Operations in India, Registers With FIU-IND

Binance, one of the world’s largest cryptocurrency exchanges, has registered with India's Financial Intelligence Unit (FIU-IND) and paid a fine of Rs 18.8 crore (approximately $2.25 million) to resume its operations in India, reported several leading media outlets including Gadgets360.com.

This registration marks Binance's 19th global regulatory milestone. The fine was imposed due to non-compliance with India's Prevention of Money Laundering Act (PMLA).

This move allows Binance to re-enter the Indian market, which is noted for its high level of grassroots crypto adoption. Binance's CEO, Richard Teng, emphasized the importance of aligning with Indian regulations to support the country's evolving virtual digital assets (VDA) market.

Binance supports over 350 cryptocurrencies, including popular ones like Bitcoin, Ethereum, and BNB. The crypto exchange operates in over 180 countries and serves millions of users worldwide. Notably, Binance is known for its competitive trading fees, which are among the lowest in the industry. 

Binance’s re-entry into the Indian market could have several implications for other crypto exchanges. Binance’s presence, given its global reputation and extensive services, will likely intensify competition. Other exchanges may need to enhance their offerings and customer service to retain and attract users.

Binance’s compliance with Indian regulations might set a precedent, pushing other exchanges to ensure they meet all regulatory requirements. This could lead to a more standardized and transparent market.

Binance’s return could boost overall market confidence, potentially attracting more investors and users to the crypto space in India. This could benefit all exchanges by expanding the user base. To stay competitive, other exchanges might innovate more rapidly or seek partnerships to leverage new technologies and services.

Indian Govt Stance on Cryptocurrency

The Indian government’s stance on cryptocurrencies has evolved significantly over the years, reflecting a balance between embracing innovation and ensuring financial stability. Initially, the government was skeptical about cryptocurrencies, citing concerns over financial stability, investor protection, and potential misuse for illicit activities. This led to a banking ban on crypto transactions in 2018.

The much-anticipated Crypto Bill, which aims to provide a comprehensive regulatory framework, has faced numerous revisions and delays. The bill's contents remain unclear, with conflicting reports about its stance on private cryptocurrencies.

Despite regulatory caution, the government has shown interest in blockchain technology. Initiatives like the Maharashtra Blockchain Sandbox and IndiaChain highlight efforts to leverage blockchain for e-governance and other applications.

The Reserve Bank of India (RBI) is working on a digital version of the Indian Rupee, indicating a progressive stance towards digital Currencies.

Overall, the Indian government's approach to cryptocurrencies is evolving, with a focus on finding a balance between innovation and regulation. This ongoing process reflects the global struggle to effectively regulate digital assets while harnessing their potential benefits.

SEBI Open To Overseeing Crypto Trade

India's market regulator, Securities and Exchange Board (SEBI) has shown openness to the idea of overseeing cryptocurrency trade, which is a contrast to the Reserve Bank of India's (RBI) stance, reported Reuters citing a document seen by the news agency.

SEBI has suggested that multiple regulators should oversee activities linked to cryptocurrencies that fall under their respective domains, and that a single unified regulator for digital assets should be avoided. This recommendation has been made to a government panel tasked with formulating policy for the finance ministry to consider.

The concerns around cryptocurrency regulation are multifaceted and stem from the unique characteristics of digital currencies. Cryptocurrencies are known for their high price volatility, which can lead to significant financial risk for investors and traders.

SEBI's approach includes monitoring cryptocurrencies that take the form of securities as well as new offerings called Initial Coin Offerings (ICOs). They have also mentioned the possibility of issuing licenses for equity market-related products. On the other hand, the RBI maintains a cautious stance, viewing private digital currencies as a macroeconomic risk and favoring a ban on stablecoins.

This development indicates a significant shift in India's regulatory approach towards cryptocurrencies and could lead to a more structured and formalized framework for crypto trading in the country. The panel plans to firm up its report as early as June 2024.

In 2021, the government prepared a bill that would have banned private cryptocurrencies though it has not been introduced. Last year, when it was president of the G20, India called for a global framework to regulate such assets.

Globally, there are several successful models for cryptocurrency regulation that have been developed by the respective countries. The EU introduced the Markets in Crypto-Assets Regulation (MICA) in May 2023, which is considered the world's first comprehensive cryptocurrency regulation. MICA aims to provide legal clarity and ensure consumer protection, market integrity, and financial stability.

The US has seen developments such as the Financial Innovation and Technology (FIT) for the 21st Century Act and the Blockchain Regulatory Certainty Act. These bills aim to define when a cryptocurrency is a security or a commodity and expand oversight of the industry.

The International Organization of Securities Commissions has laid out 18 recommendations for global rules on managing crypto and digital assets. The World Economic Forum's Digital Assets Regulatory (DAR) initiative analyzes outcomes of different national approaches to digital asset regulation.

Kassio, a Global Crypto Asset Management Launches Its Operations in India

Global crypto asset management platform, Kassio has announced its launch today in India. Kassio started with a strong vision to help its users extract value from their crypto holdings beyond just trading.

Founded in 2020, Kassio is the brainchild of the three co-founders Sachin Singh, Anuj Yadav and Bharat Vivek, who altogether come with 10+ years of experience of successfully building technology and product-based ventures and strong expertise in crypto solutions and products. Kassio offers a strong proprietary crypto architecture powered by best-in-class wallet security, AML mechanisms and exchange partners. It provides a unified solution for all crypto needs of users where users can Earn, Borrow, Shop, or Trade.

Speaking at the launch, Bharat Vivek, co-founder and COO, Kassio, said, “We are very excited to launch Kassio as it will be instrumental in providing quality and wholesome crypto offerings esp. in Web3 space. Kassio is an all-season crypto solution – starting from trading to managing digital assets in all market conditions. Our earn product allows users to earn compounding growth on their assets even in the current market crash while our borrow product allows users to create liquidity without losing their price positions. Kassio is a unique one-stop product for new and existing crypto holders.”

With its beta version gone live in the beginning of April, Kassio has received a great traction in the market and registered 30000+ applications on its platform in a short time. More than 60% of these applicants have already registered and verified on the platform and are currently using different Kassio products.

Commenting on the launch, Anuj Yadav, co- founder & CTO, Kassio, said, “We are excited to introduce a proposition that reimagines the way digital-first users perceive and interact with crypto. Kassio aims to be a meaningful partner in their crypto aspiration journey, enabling them to earn, borrow, shop and trade. Our platform leverages cutting-edge technology, enhanced security protocols, and deep-rooted relationships in the industry to prevent AML activities and manage overall liquidity.”

Commenting on the launch, Sachin Singh, co-founder & CEO, Kassio said, “The global crypto industry is projected to reach $4.94 billion by 2030. With our vision to be the pioneers in managing the complete bouquet of crypto financial solutions with crypto as an asset class, we are creating a safe & legally compliant platform. By empowering users to spend crypto in their daily lives, we aim to create a unified solution for all the crypto needs of our users.”

Kassio is a comprehensive crypto platform which allows consumers to perform much more with their Crypto assets. Kassio looks to bring the integration of crypto finance and crypto utility together on a single application. Following are the key features of Kassio:

• Trade - Buy/Sell cryptos with 50+pairs
• Borrow - Crypto backed loans on flexible terms
• Earn - Interest on your crypto holdings upto 13% APY
• Cards - utilize your cryptos to make your next purchase
• Multi fiat wallet - Fund your wallet with INR, EUR, DKK based on your country of residence

Binance to Drive Awareness of Crypto and Blockchain in India with Several Educational Initiatives

Foster a mindset of knowledge-building and research by providing an Open Access to Blockchain and Crypto Learnings

Binance, the global blockchain ecosystem and cryptocurrency infrastructure provider with a financial product suite that includes the largest digital asset exchange, has announced several educational initiatives to empower investors in India. Binance recognises the importance of investor education and has made it a priority to drive awareness of crypto and blockchain across India. Given the growth witnessed by crypto in India and the strategic importance of the geography, investor education has been an area of concern for multiple stakeholders including regulators and policymakers.

Binance is committed to building awareness around blockchain technology and cryptocurrency among primarily the student community. Through three key educational initiatives, Binance aims to provide open access to blockchain and crypto learnings.

As a follow up to the Binance Campus BUIDLers Program that was launched in October 2021, Binance has recently partnered with Inter Institutional Inclusive Innovation Centre (i4c) to initiate the ‘Blockchain for Good’ Ideathon, that provides a platform to students across Indian colleges to come up with solutions that would make the blockchain space more inclusive and accessible for all.

Binance recently launched its Learn and Earn program on Binance Academy that incentivises learning by allowing users to earn crypto while gaining knowledge about important topics across the blockchain industry.

Binance is hosting a webinar that is free and open for everybody named ‘Crypto for All’ on the 1st May at 6 pm IST, where major finance influencers including Neha Nagar, Aditya Saini, and Kashif Raza will be teaching the basic concepts of Blockchain and crypto, while demystifying myths around crypto trading. Along with providing certificates issued over blockchain by Binance NFT to all attendees, select winners will receive grand giveaways in Bitcoin and Binance Coin (BNB).

Leon Foong, Head of APAC at Binance said, “At Binance, we believe in financial freedom through crypto adoption. India has one of the largest populations in the world with a median age of 28. This represents a huge opportunity for us to play our role in educating the future innovators and builders of India, especially students, and equip them with the relevant blockchain and crypto knowledge to build a path towards financial freedom. Today’s generation also plays a significant role in imparting technology-related knowledge to their elders and play a crucial role as blockchain advocates. With Binance’s vast resource of academy content and our Learn and Earn program, we hope to create the right incentives for users to do more thorough research and make better informed investment decisions."

Binance aims to create further courses to enable students to define their own career and entrepreneurial futures in the blockchain industry. These skills will be crucial in helping the future generation navigate the new world of web3.0 and smart contracts.

As an extension of its commitment to the student community, Binance had partnered with IIT Delhi as a title sponsor for its cultural fest Rendezvous. It showcased interesting use cases of blockchain technology ranging from NFT tickets, certificates, Fan tokens, POAP, and more during the fest.

About Binance

Binance is the world’s leading blockchain ecosystem and cryptocurrency infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume. Trusted by millions worldwide, the Binance platform is dedicated to increasing the freedom of money for users and features an unmatched portfolio of crypto products and offerings, including trading and finance, education, data and research, social good, investment, and incubation, decentralization and infrastructure solutions, and more. For more information, visit: https://www.binance.com

CoinSwitch Launches Recurring Buy Plan for Crypto Purchases

India’s largest Crypto platform CoinSwitch has launched Recurring Buy Plan, a simple and planned way to purchase Crypto assets in India. With this launch, CoinSwitch aims to enable users to beat market volatility and avoid making impulsive buying or selling decisions.

"At CoinSwitch, we want to help users across their Crypto journey. Crypto is an emerging but attractive asset class and has a higher degree of volatility in comparison to traditional assets. The CoinSwitch Recurring Buy Plan will allow users to purchase Crypto in a planned manner and enable the user to avoid the impulse to time the market and make emotional trading decisions. It will also empower users to explore this new asset class in a more structured and disciplined manner," said Ashish Singhal, Founder and CEO, CoinSwitch.

Through Recurring Buy Plan (RBP), users can set aside a fixed amount of money to purchase a Crypto asset every month over a long period of time, allowing them to focus on a long-term strategy rather than timing the market.

On CoinSwitch, users can deposit only Indian Rupees from their verified bank accounts. The company permits only resident Indian bank accounts on the platform and conducts screening (for Politically Exposed Person status, Sanctioned list, and negative news) and other KYC checks.

Users can create an RBP in 3 simple steps:

1. Click ‘Recurring Buy’ on the buy page, and choose the preferred amount
2. Select the preferred repeat date
3. Confirm the order.

Users will also have to ensure there is enough balance in their CoinSwitch Account for future/repeat orders.

The upper limit of buy orders on the platform is ₹2,50,000. Users can have a single or multiple RBP for a single Crypto.

About CoinSwitch

Founded in 2017 by Ashish Singhal, Govind Soni, and Vimal Sagar as a global aggregator of crypto exchanges, CoinSwitch is India's largest and most valued crypto unicorn with 1.5 crore registered users. Today, users can choose from over 90 cryptos, including Bitcoin, Ethereum, and Solana. The company started its India operations in June 2020 to make Crypto trading easy and simple for users. Backed by reputed investors including Andreessen Horowitz (a16z), Tiger Global, Sequoia Capital, Ribbit Capital, Paradigm, and Coinbase Ventures, CoinSwitch is creating an ecosystem that simplifies trading in Crypto for its users. For more information, visit: www.coinswitch.co

Govt Assessing 18% GST Proposal on Bitcoin Transactions

The government of India is assessing a proposal to impose 18% goods and services tax (GST) on bitcoin transactions, estimated to be around Rs 40,000 crore annually.

The Central Economic Intelligence Bureau (CEIB), an arm of the finance ministry, has put forward the proposal to the Central Board of Indirect Taxes & Customs (CBIC), suggesting that the government could potentially receive Rs 7,200 crore annually on bitcoins trading in the country. 

The CEIB has conducted a study on levying of GST on cryptocurrencies. Indian intelligence agency CEIB is responsible for gathering information and monitoring the economic and financial sectors for economic offences and warfare.

According to finance ministry sources, CEIB has suggested that bitcoins can be categorized under ‘intangible assets’ class and a GST levy could be imposed on all transactions. The board has suggested that the cryptocurrency can be treated as current assets and GST charged on the margins made in its trading.

The unregulated cryptocurrency exchanges and its trading has posed a bigger challenge before the government, particularly after the Supreme Court lifted a two-year ban imposed by the RBI on banks and financial institutions to deal with digital currencies. Currently, there is no regulator for cryptocurrency and hence there is also fear of it being used for big-time money laundering and undermining of legitimate currencies.

On December 11, the ED arrested a cryptocurrency trader in Gujarat for his alleged involvement in money laundering on behalf of banned Chinese betting apps operating in the country.

Source

Crypto industry led by BuyUcoin proposes Sandbox for Cryptocurrency regulation in India

• Amidst early rumours of a Second crypto Ban, Indian crypto industry prepares Draft Sandbox for Blockchain & Cryptocurrency Regulations in India.
• The Supreme Court ruling on Cryptocurrency released on 5th March this year had also recommended the Creation of Regulatory Framework on Cryptocurrency.
• This sandbox will help indian government to form the base for regulating cryptocurrency in India
• BuyUcoin in collaboration with various Industry experts and insiders will release an early version of the Draft on 2nd October 2020

India can't afford to miss it- For the first time ever, all the Indian Crypto stakeholders led by BuyUcoin came together to propose the first ever framework to regulate cryptocurrency in India.

India is witnessing a new wave of renewed discussion for legality of cryptocurrency amidst recent rumors about the second ban on cryptocurrency and now it's a need of an hour to have a well-defined framework to regulate cryptocurrency in the country. The supreme court of India in its ruling against the RBI ban on the crypto-related transactions also recommended the creation of this framework.

BuyUcoin with the support of the crypto community stakeholders stepped up and initiated the discussion of the framework to another level and is ready with a draft consisting set of community driven rules, propositions and implementation methods.

"This is the first milestone of a long journey for making cryptocurrency accessible to the masses. This draft of the sandbox is driven by the inputs from Crypto experts and Industry insiders, this will not only help government to make laws but will also guide the startups and budding entrepreneurs to enter in this blooming Industry," says Shivam Thakral, CEO & Co-founder BuyUcoin .

While Indian economy continued to grapple with the global impacts of Coronavirus Pandemic, the Indian crypto industry emerged with growth rates unforeseeable in the scenario after the ruling of SC that upholded the Central Bank ban on banks dealing with cryptocurrency.

Charles Bovaird, VP at Quantum Economics and Forbes Senior Contributor said, "Banning crypto trading would cause India to fall behind other nations that allow it. By lobbying the Indian authorities, industry participants can implement the much needed crypto regulations."

Madhu Nayakkankuppam (ex-Managing Director, Goldman Sachs) who is currently leading a DeFi startup opined, "The solution is to regulate the technology to prevent misuse, not to ban it outright to stifle innovation or encourage a parallel economy."

The First draft of Sandbox will be released on 2nd October 2020 and can be accessed via buyucoin.com/sandbox and it invites participation through valuable feedback and beneficial inputs that can further help in strengthening this Regulatory Sandbox.

About BuyUcoin

BuyUcoin is one of the leading Cryptocurrency Companies in India, operating since 2016.

The Delhi-based on-ramps crypto exchange currently serves over 350,000 users and handles $1bn+ in digital asset transactions.

With over 350,000+ customers that vouch for the ease with which BuyUcoin enables digital asset trading, it is on a mission "To bring crypto in a million Indian pockets."

The platform allows users to buy, sell, trade, and store multiple digital assets like Bitcoin, Ethereum, Ripple, Litecoin, Stellar among many others using advanced Instant Banking services like UPI, Mobile Wallet, IMPS, NEFT/RTGS, Debit/Credit Card.

For more information about BuyUcoin, read here : https://www.buyucoin.com/

For more information about Crypto Regulatory Sandbox, visit here : https://www.buyucoin.com/sandbox