Vimal Sagar Tiwari, co-founder of CoinSwitch
Cryptocurrency adoption in India will be boosted by an improved regulatory framework and reduced taxes, said Vimal Sagar Tiwari, co-founder of crypto trading platform CoinSwitch.
Speak with business lineon the sidelines of the recently held Startup Summit, Tiwari said a regulatory body, similar to the Securities and Exchange Board of India (SEBI) for the stock market and the Reserve Bank of India (RBI) for banks, will help build confidence in cryptocurrencies.
“In the financial system, for any change, it is important that the government establishes a regulatory framework. Some steps have been taken in the right direction, such as the inclusion of virtual digital assets under the PMLA and the reporting requirement for crypto companies, but continuing some reforms in consumer protection and taxation will benefit the sector,” he said.
Furthermore, Tiwari suggested that the implementation of the standard Security Transaction Tax (STT) on cryptocurrencies will create a level playing field. Currently, Virtual Digital Assets (VDAs), including cryptocurrencies and NFTs, are subject to a 30 percent flat tax on profits from transfers.
He foresees that traditional financial systems will quickly get on board with crypto and recommend crypto to their customers.
Crypto crash
Regarding last Friday’s crypto crash that reportedly wiped out $19 billion, Tiwari says these types of corrections are normal for any market, and crypto is no exception.
Tiwari said CoinSwitch saw strong investor activity in the days following the crash, with inflows surging and spot trading volumes rising more than 50 times on Sunday compared to the day before. “Investors are clearly buying the dip and seeing corrections as long-term opportunities rather than moments of panic,” he said.
CoinSwitch currently has a user base of over 2.5 crore. The company recently launched its venture capital vertical CoinSwitch Ventures and has already invested in around 25 startups in the cryptocurrency space, according to Tiwari.
Published on October 14, 2025
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