Dear Bankless Nation,

Welcome to Bankless Hindi!

Millions of dollars continue to pour into the Indian crypto ecosystem despite regulatory concerns. This is a good sign because large companies wouldn’t do so unless they expect positive outcome. In today’s rollup, we look at what progress crypto regulation is making in India and also some massive fundraises.

Indian crypto exchange CoinDCX tops $2 billion valuation

CoinDCX has doubled its valuation to $2.15 billion (post-money) in eight months following a fresh $135 million funding, as the Indian cryptocurrency exchange looks to aggressively expand its product offerings and talent base. The startup, the first Indian crypto firm to attain the unicorn status last year, says it has amassed over 10 million users. In addition to allowing users to buy various tokens for as low as 100 Indian rupees ($1.3), CoinDCX also provides margin trading and the option to stake digital assets. Steadview and existing backer Pantera co-led CoinDCX’s Series D financing, the firm said. Coinbase Ventures also participated in the Mumbai-headquartered startup’s new funding.

Read more on this, here.

https://techcrunch.com/2022/04/18/indian-crypto-exchange-coindcx-tops-2-1-billion-valuation-in-new-135-million-funding/

Money laundering, terror financing biggest concerns around cryptocurrency, says Nirmala Sitharaman

Casting further doubts on the already-uncertain cryptocurrency market in India, Union Finance Minister Nirmala Sitharaman on Monday, April 18, said the biggest risk around cryptocurrency is its possibility to be used for money laundering and terror financing. Nirmala Sitharaman said at the India Today conclave held in March that India is not shutting off all options when it comes to cryptocurrency or blockchain and fintech. She also said that a Cabinet note is being prepared on the matter which will provide all details on the formulation of cryptocurrency regulations in India.

Read more on this, here

https://www.indiatoday.in/business/story/nirmala-sitharaman-money-laundering-terror-financing-cryptocurrency-concerns-1939113-2022-04-19

India Needs a Single Crypto Regulator, Says Polygon Co-Founder

India needs a single regulator to oversee all crypto-related matters, says the co-founder of Ethereum-scaling tool Polygon. Sandeep Nailwal, who is one of the crypto industry’s most prominent Indian-born entrepreneurs and who now lives in Dubai, said that the creation of a collective authority composed of representatives from the Reserve Bank of India, Securities and Exchange Board of India, the Goods and Services Tax Council and Finance Ministry would encourage projects like his own to set up shop in the country. “The finance ministry should be the one heading this task force, and every other institution should be given a clear mandate that no crypto case shall be handled locally. It should only be handled by the central crypto task force,” Nailwal said. This will help in developing a fair environment for for blockchain advocates and monetary and national security advocates.