When it comes to the adoption of cryptocurrencies, India is far ahead compared to the rest of the world. According to a report by BrokerChooser, if we look at the number of investors investing in cryptocurrencies, India, with more than 100 million investors, is far ahead in comparison to other countries of the world including the US and Russia.
There are only 274 million crypto investors in the US. Whereas in Russia their number is 1.73 crore. Zerodha founder Nitin Kamat has also highlighted on his tweet that India is the seventh largest crypto aware country in the world. Apart from this, India is also the fifth largest country in terms of the number of crypto investors in total population. The cryptocurrency market in the country is seeing a growth of about 651 percent on a yearly basis.
This growth story of the crypto market in the country does not end here. All the reports show that India ranks second among 154 countries in terms of cryptocurrency adoption. Even from the point of view of the people of the country searching for information about crypto, every second 36 lakh people in the country search for cryptocurrency on the Internet.
Whereas in America this figure is 69 lakh searches per second. In this way, India is second in the world after America in terms of crypto search on the Internet. These figures are for the last 12 months.
These figures speak of the enthusiasm associated with crypto in the country. But from the perspective of transparency and clarity of rules related to its investors, it lacks a lot.
While cryptocurrencies are emerging as a great investment option, on the other hand the stalwarts feel that there is a lack of rules and transparency in the country regarding the safety of investors’ investments. There is a need for more clarity and transparency in the rules for the ever-evolving crypto market in the country.
Taking its lead in the healthy growth of the crypto industry in the country, crypto exchange WazirX has released its first transparency report. In which details of the information sought by various law enforcement agencies from the company during the period April to September 2021, types of information, user verification process and provisions made for customer support have been given.
WazirX plans to issue such transparency reports on a half yearly basis. Along with this, WazirX has also announced the launch of a blockchain research and analysis platform. Whose name will be Blockchain Paper.
The company has said in this report that it has received about 377 requests from various law enforcement agencies during the period April to September 2021. Of these, 38 are foreign law enforcement agencies, while 339 are Indian law enforcement agencies.
The company has said that it has responded to all the applications and its compliance rate is 100%. It may be noted that all the cases relating to this inquiry are cases of criminal nature.
In this report, the company has further stated that it has blocked around 14,469 accounts in the period from April to September 2021. Out of this, about 90 per cent accounts are blocked at the request of the customers. And the rest of the accounts have been blocked due to payment disputes and investigations by law enforcement agencies.
This growing focus on transparency is fueled by crypto exchanges such as WazirX (83 million) and Coinswitch Kuber, overtaking established platforms like Zerodha (70 million).
Commenting on this, Nischal Shetty, Founder and CEO, WazirX said, “The Transparency Report is very important to us. It is a model in itself. With this, there will be a huge change in the beliefs and rules related to crypto in India. We are considered unicorns based on our performance, market cap and trading volume.
However, evaluation is not intrinsic to us. Our initiatives like the Transparency Report will enhance the credibility of the crypto market and make it more attractive to investors. We are focusing on a big goal like positive regulation and we are paving the way for this through new initiatives.
In continuation of this, WazirX Director of Public Policy Aritra Sarkhel said that the exchange is committed to bring complete transparency to its users and policy makers on all issues related to crypto trading in India.
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