Crypto
Crypto industry players see light at end of tunnel despite regulatory vacuum. Here’s why | Stock Market News
The Ministry of Finance recently made it clear in a written reply in the Lok Sabha that the government is not considering a law to regulate the transaction of cryptocurrencies.
“Currently, there is no proposal to bring legislation for regulating the sales and purchase of virtual digital assets in the country,” Pankaj Chaudhary, Minister of State (MoS) in the Ministry of Finance, told the Lok Sabha via a written response.
It is interesting to note that this is not the first time that the government has been evasive about its commitment to establishing a regulatory framework for cryptocurrencies.
Union Finance and Corporate Affairs Minister Nirmala Sitharaman recently stated that there should be a global understanding on cryptocurrencies and merely rolling out regulations by one country was not going to make much headway into the space of regulations.
In November 2021, Sitharaman — in a reply to a question on bitcoin in Parliament — had said that the government has no proposal to recognise Bitcoin as a currency.
What industry players think?
However, crypto industry participants are not too pessimistic about Chaudhary’s statement, which was released at the behest of the Finance Ministry since they pin hopes on a discussion paper on digital currencies likely to be released next month.
“The Department of Economic Affairs (DEA) secretary indicated just a few weeks ago that a discussion paper is likely to be released by September 2024. We remain optimistic and will look forward to this paper to better understand the potential next steps for the virtual and digital assets (VDA) sector in India,” says R Venkatesh, SVP and Head of Public Policy, CoinSwitch.
Likewise, Dilip Chenoy, Chairman of Bharat Web3 Association, also saw hope in the Department of Economic Affairs secretary’s recent comments about the upcoming discussion paper on VDA policy. “We look forward to studying the paper in detail when released for public consultation and offering our policy inputs. We applaud India’s leadership during the G20 Presidency last year in building consensus on crypto assets policy and adopting the G20 Roadmap on Crypto assets,” said Chenoy.
“We urge the government and regulators to take a lead in formulating a comprehensive regulatory regime for Web3/VDAs in India,” he added.
CoinDCX refused to comment on this development.
It is interesting to note that the finance ministers of G20 nations in October 2023 adopted the synthesis paper released by the IMF-Financial Stability Board (FSB) the previous month.
Cryptocurrency
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Bitcoin
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Ether
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Solana
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Algorand
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Avalanche
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Bitcoin Cash
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Cardano
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Chainlink
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Cosmos
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Litecoin
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Polygon
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Cetus Protocol has relaunched just two weeks after a significant hack that compromised its concentrated liquidity market maker pools. Normal Users’ LP Functions to Resume Cetus Protocol, a leading decentralized exchange (DEX) and concentrated liquidity market maker (CLMM) on the Sui and Aptos blockchains, has relaunched just two weeks after a sophisticated hack severely impacted […]
The crypto space isn’t short on trading platforms—but most feel like clones, offering the same tired features with little innovation. That’s why a few standout exchanges are turning heads with faster onboarding, smarter interfaces, and actual value for traders who want more than just a place to swap tokens.
Whether it’s uncovering meme coin gems before they pump, accessing AI token markets with low fees, or earning passive rewards without jumping through hoops, these platforms are doing things differently—and they’re worth a closer look.
KCEX
KCEX stands out as a beginner-friendly and low-fee crypto exchange that is quickly gaining traction in the trading community. Known for its ease of use and wide range of trading pairs—including Bitcoin, Ethereum, meme coins, and AI-related tokens—KCEX provides a streamlined experience for both new and experienced traders.
One of its biggest strengths is its extremely low spot and futures trading fees, which can lead to significant savings over time. The platform also supports advanced trading strategies with leverage options that go up to 125x, allowing users to explore more aggressive positions if desired.
KCEX is a globally accessible, no-KYC exchange, making it quick and easy to join, and ideal for those who value privacy and efficiency.
Source – Jacob Crypto Bury on YouTube
MEXC
MEXC is recognized as a highly user-friendly cryptocurrency exchange, making it an excellent choice for both beginners and experienced traders. It offers an intuitive interface with easy access to a wide range of features, including a vast number of trading pairs—possibly one of the highest among major exchanges.
This variety allows users to explore a broad selection of cryptocurrencies for trading. MEXC also frequently provides sign-up bonuses and exclusive rewards, such as USDT vouchers, which users can earn by completing simple actions like registering or making a deposit.
The platform supports straightforward fiat on-ramping through methods like bank transfer, Mastercard, and Visa, further enhancing its accessibility. Despite some regional restrictions, MEXC stands out for its high liquidity, robust security, and long-standing presence in the crypto space.
Best Wallet
Best Wallet has quickly emerged as one of the most intriguing projects in the decentralized finance (DeFi) landscape, offering a sleek, functional, and user-friendly experience that caters to both novice and experienced crypto users.
Designed primarily for mobile, the wallet delivers the look and feel of a polished iOS product, combined with powerful features under the hood. What sets Best Wallet apart is its versatility—it’s a multi-wallet, multi-chain, non-custodial crypto wallet that supports over 60 blockchains.
This level of cross-chain functionality gives users the flexibility to manage a diverse portfolio with ease. Unlike traditional wallets that feel like static storage solutions, Best Wallet behaves more like a full-fledged exchange, enabling seamless swaps, deposits, and portfolio management directly within the app.
Beyond the basics, Best Wallet stands out with its commitment to user insights and early market opportunities. The wallet integrates crypto insights and updates that could help users stay ahead of emerging trends and potentially uncover early-stage alphas.
This intelligence-driven approach makes it more than just a place to store assets—it becomes a tool for smarter investing. The project also boasts a well-structured roadmap that is actively being implemented.
Its growing user base, already in the hundreds of thousands, signals strong traction and rising confidence within the crypto community. Importantly, the team appears highly engaged, especially on social platforms like X (formerly Twitter), where updates and announcements are frequent, further cementing its credibility.
Best Wallet is not just another crypto wallet; it’s a full ecosystem designed for convenience, security, and opportunity. Users interested in combining DeFi tools with intuitive design and anonymous features may find it a powerful addition to their crypto toolkit—provided it’s supported in their region.
Bitunix
Bitunix is emerging as a strong contender in the global crypto derivatives exchange space. Known for its solid team and innovative offerings, the platform provides a competitive trading environment with good liquidity and relatively low fees—though not the lowest in the industry.
One of Bitunix’s standout features is its support for flexible and fixed-term APR options, particularly appealing for users interested in locking in stablecoins like Tether.
Another major benefit is its copy trading function, which allows users to replicate the strategies of experienced traders with proven track records, making it accessible even for beginners. The exchange also excels in fiat on-ramping, supporting popular payment methods such as Visa, Apple Pay, and Google Pay.
The user interface has a distinctly tech-forward aesthetic, although it may appear somewhat cluttered compared to other platforms like MEXC or KCEX. Still, Bitunix offers a robust and user-friendly experience that suits both novice and experienced traders.
This article has been provided by one of our commercial partners and does not reflect Cryptonomist’s opinion. Please be aware our commercial partners may use affiliate programs to generate revenues through the links on this article.
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