The management of the Indian crypto platform CoinSwitch, amid an investigation into the activities of the site, announced that the exchange is not suspected of violating the rules for working with clients.
Kuber CEO Ashish Singhal revealed that his exchange is cooperating with the Enforcement Authority of India (ED) and that the searches that began last week are not related to money laundering on the platform.
“The Bangalore Law Enforcement Authority has interacted with us regarding the operation of our crypto platforms and exchanges. We are also cooperating with the regulator,” Singhal tweeted.
The CEO did not go into details about ED’s actions, but lamented the lack of effective cryptocurrency regulation in India:
“Cryptocurrency is a new asset class. Being in its early stages, cryptocurrencies are not yet clearly classified in most countries of the world. Now the legislators of India, like most other countries, decide whether the cryptocurrency is a commodity or a security. But cryptocurrency is something new and we are working on the law of its regulation.”
The industry aims to create a responsible crypto-ecosystem that contributes to the Indian economy, pays taxes, creates jobs for millions of Indians, the businessman assures. According to him, the core values of the crypto industry are trust, transparency, and the unwavering commitment of users to abide by the rules.
In June, India’s Law Enforcement Authority requested the country’s crypto exchanges to provide detailed information about transactions as part of an investigation into possible violations of the currency regulation law.
Source: Bits
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