Indian Crypto Exchange CEO Reveals Information On Upcoming New Regulations

Nischal Shetty, founder of India’s largest cryptocurrency exchange WazirX, described the “unconfirmed report” of the upcoming new regulations in the country.

According to Shetty, first India may ban the use of private cryptocurrency wallets “self-custodial”, so the use of a wallet Decentralized (on-chain) could be seen as illegal by Indian regulators.

Additionally, the government will allow Crypto trading only with Indian exchanges registered in the country.

However, Mr Schetty is confident that using the software (in this case, it is a personal digital wallet Furthermore, the restrictions of this type of wallet often prohibit Indians from interacting with most decentralized finance (DeFi) protocols.

Mr. Schetty concluded: “We have seen great progress with Crypto regulation that people in the crypto industry have been working for this for the last 3 years.”

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