In a recent report, the Prime Minister of India, Narenda Modi, has called for an international crypto regulatory framework during the recently concluded Group of 20 meeting for 2023. Meanwhile, a popular crypto exchange in India, CoinSwitch, reportedly reduced its workforce by 8% due to crypto regulatory challenges.
According to reports, India has always been at the forefront, advocating for an international regulation body for the crypto industry even though the country has yet to get hold of its local crypto market regulations. Nonetheless, PM Modi has used the G20 meeting as an Avenue to remind the world of the need for a comprehensive and unified body to regulate the crypto industry globally.
The Group of 20 (G20), which India heads, is formed by the European Union and 19 other countries with developed and advanced economies. G20 leads the global economic cooperation that majorly strengthens the worldwide landscape and governance on significant global economic problems.
During the summit, PM Modi pointed out the economic duties of emerging technologies like cryptocurrency and blockchain, stating that their nature would have a global impact. Hence, he emphasized that the laws and regulatory framework that would be issued to control the rapidly growing innovation should not be limited to a country alone but be made for a group of countries or globally.
India Calls For Global Crypto Regulations
For instance, Modi highlighted that the aviation industry has general laws and regulations controlling air security and air traffic control. He stated that the crypto industry should be similarly regulated and added that India is playing its part, working to develop its crypto regulations.
Furthermore, the PM asserted that India’s position as the President of the G20 allowed it to extend the discussion about crypto innovation beyond its financial potential to the general economic implications it has on developing markets and emerging economies. He added that the country has hosted eventful seminars and summits to discuss crypto assets extensively.
In addition, the report said that the Indian administration released a presidential letter on August 1 concerning the global regulatory framework for cryptocurrency. In the note, the country’s suggestions were in line with regulations earlier proposed by the International Monetary Fund, Financial Action Task Force, and the Financial Stability Board agencies.
In addition, the letter contained a few suggestions on how to regulate crypto in developing economies. Overly, India seems to be making frantic efforts to encourage and advocate for a global crypto regulatory framework; meanwhile, its local crypto regulatory status is in shambles. The 30% profit task and 1% TDS laws have been draining crypto startups, forcing many entities and investors out of the Indian crypto market.
Indian Stringent Laws Force Crypto Firms to Lay Off Workers
According to a recent report, CoinSwitch, a popular crypto platform in India, faced challenges thriving in the bearish market, forcing the firm to cut down its work form by about 8%. The giant exchange, as reported by local sources, relieved about 44 workers on August 28 to keep its business running in the current market decline.
In the report, a CoinSwitch spokesperson stated that the firm let go of its workers to solve redundancy roles as the market trend went downwards. He continued that the firm is evaluating its operations to remain competitive, preserving innovation, value, and better customer service as a top priority.
The company added that in order to achieve optimal function and keep its core values in check, it has to resize its workforce to match the current demands of customers. Hence, he said the firm relieved 44 workers in its support team from their duties after mutual understanding on the new development between fired staff and managers.
According to the report, CoinSwitch had about 519 workers, according to the firm’s LinkedIn profile, at the time of publication. Notably, the news about CoinSwitch layoffs came shortly after another giant exchange based in India, CoinDCX, laid off about 12% of its workers, citing harsh tax regulatory rules and a bearish market as primary causes.
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