China’s prohibition over crypto transactions persuaded bordering India to come to the front in the case of populous nations witnessing a spike in the adoption of cryptocurrency. Encouraged by the comparatively cost-effective data, many crypto exchanges of India have reportedly seen a remarkable upsurge in small periods. In its turn, WazirX (a crypto exchange in India) published a transparency report spanning significant operations done from this year’s April till September.
A growing number, growing regulations
Noting the growth thereof, WazirX mentioned that the company had more than 8.5M consumers up till October 14th this year. Moreover, since the beginning of the current year, it has been claimed by the exchange that it witnessed nearly $30B in volumes of trade. Talking about compliance, WazirX spoke that the clients thereof were having the compulsion to show their driving license, biometric identification, and passport. Aside from this, another government-issued Permanent Account Number (PAN) Card was also declared mandatory in this respect. Furthermore, there is a requirement for a live selfie when the person is signing up to be matched with the face on his/her documents.
Nonetheless, such steps did not signify that the exchange was capable of escaping the legal scrutiny, as stated by the report. It added that more than 377 requests had been sent by the agencies for law enforcement to the exchange from 2021’s April up to September to deliver the consumer and transactional information. WazirX turned out to be rapid enough to assure that requests have been replied to and the entire of them were complied with by it. Additionally, the exchange of cryptocurrency brought to the front that all the 377 requests which the agencies sent were regarding criminal acts. Some of the instances included narcotics, kidnapping, and fraud-related queries. In addition to this, 14,469 accounts have been mentioned by WazirX to be deleted during the previously mentioned time.
Remarks from the authorities
The utilization of cryptocurrency is expediting in many cities of India, and recently ZebPay (a crypto exchange in India) included the Shiba Inu coin on its asset list. Nevertheless, it remains to see what is to be done with it by the country’s authorities. It has been formerly reported that Nirmala Sitharaman (the finance minister of India) discussed the anti-BTC protests being launched in El Salvador, and she mentioned worries about the likely reaction from the Indian public.