- Following FIU moves against worldwide exchanges, Indian crypto exchanges such as CoinDCX and Mudrex have seen an increase in deposits.
- Deposits at CoinDCX have increased by 2000%, with similar patterns observed at CoinSwitch and WazirX.
- Indian exchanges’ future growth is dependent on regulatory changes and market volatility.
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Following the Financial Intelligence Unit’s (FIU) recent measures against numerous worldwide crypto exchanges, Indian crypto exchanges have seen a major increase in activity. The FIU’s decision to deliver show-cause notifications to these exchanges, along with a request to restrict their URLs for noncompliance with Indian legislation, has resulted in a significant transfer of funds to local platforms. Deposits and user registrations have increased significantly at CoinDCX and Mudrex, among other exchanges.
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Since the FIU’s statement on December 28, 2022, CoinDCX, a leading Indian exchange, has seen an astounding 2000% spike in crypto deposits. The exchange’s status as the first FIU-registered firm, as well as its emphasis on compliance and security, are linked to this increase. Furthermore, the simple method of transferring virtual digital assets from other platforms to CoinDCX has increased its popularity. Sumit Gupta, the exchange’s co-founder and CEO, cited the increase in deposits and signups as evidence of a shift in investor priorities toward platforms that prioritize regulatory compliance.
Impact spanning the Indian cryptocurrency market
The FIU’s actions have repercussions beyond CoinDCX. Mudrex, another global crypto investing platform, claimed a $1 million surge in crypto deposits, as well as a substantial number of new customers. Mudrex’s allure stems from its zero-fee crypto deposits and user-friendly interface, which attracts both seasoned investors and beginners.
Other Indian cryptocurrency exchanges, such as CoinSwitch and WazirX, have seen a spike in trading volumes and cryptocurrency deposits. CoinSwitch, for example, had a 30-35% boost in trading volumes, while WazirX saw a 250% increase in crypto deposits, with a significant increase in average transaction values. Smaller exchanges, such as BuyUcoin, are benefiting from this trend as well, with BuyUcoin’s CEO Shivam Thakral confirming a 2.5x increase in trade volume on their platform.
Forward insights
The future of Indian cryptocurrency exchanges will be heavily influenced by continuing regulatory developments. If regulatory uncertainty persists and measures against non-compliant foreign exchanges continue, users will most likely continue to transfer assets to compliant and secure platforms like CoinDCX. The allure of Indian exchanges might be boosted further by features like as user-friendly interfaces and no deposit fees.
However, the crypto market’s intrinsic volatility, which is affected by global factors and market movements, adds an element of unpredictability. The future path will also be determined by how regulatory regulations evolve and whether the government establishes clearer norms for cryptocurrency trading. The safety and convenience provided by Indian exchanges over offshore platforms will be critical in maintaining this rise.
Furthermore, while the current trend indicates a bright future for Indian exchanges, the long-term growth will be dependent on the interaction of legislative developments, market dynamics, and the platforms’ continuous attraction to users in terms of security, ease of use, and compliance.
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