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Inside India’s booming crypto industry

The latest to dive headfirst into the space is Jignesh Shah, founder of 63 Moons Technologies. The firm, via its wholly-owned subsidiary Tickerplant Limited, announced the launch of CryptoTV, CryptoWire (blockchain news and analysis providers) and a Crypto University last week. Shah is battling civil and criminal cases related to the National Spot Exchange Limited financial scam. Thus, his entry into the crypto realm, which often draws the ire of regulators and governments, is a bit surprising. But it also explains the momentum that is driving the Indian crypto market at the moment. Everybody wants to be involved with crypto in some form. So, everything from new coin launches to so-called crypto-based fixed deposits and ‘loan against crypto’ products have mushroomed and proliferated over the past year.

Currently, India ranks second in cryptocurrency adoption, behind only Vietnam, according to the 2021 Global Crypto Adoption Index. According to a recent study by Nasscom and the crypto exchange WazirX, the Indian cryptocurrency market has been growing exponentially over the past few years and is expected to touch $241 million by 2030.

Meanwhile, leaks from official sources indicate that the Union government is unwilling to accord legal status to cryptocurrencies. Even if it is acknowledged as an ‘asset’ instead of a ‘currency’, there is a strong possibility that only Securities and Exchange Board of India (Sebi)-registered…

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