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The CEO of local cryptocurrency exchange Wazirx is holding talks on some of the speculations in a series of tweets.
So, Wazirx CEO Nischal Shetty explains
“There have been unconfirmed reports” that “‘Self custodial wallets’ may not have permission as part of India’s crypto bill,”
More so, “There have also been reports that “Only Indian exchanges can be used,”
Then, the Wazirx CEO adds
“I don’t believe you can prohibit the use of software…”
“Self custodial wallets are just software. Without self custodial wallets,…”
“you cannot interact with many of the decentralized services.”
Additionally, Wazirx CEO mentions that “As an industry, we would never recommend this.”
Furthermore, The CEO explains further
“If we want regulation then services that are regulated need to be in India…”
“These services need to follow the rules & regulations of our country.”
Also, Wazirx CEO notes
“Every nation that’s regulating crypto is following a similar approach,”. Thereby, emphasizing that “All exchanges can register [their] company in India as well.”
Then, Wazirx CEO Nischal Shetty expresses his thoughts on crypto regulations to only Indian exchanges,
“Government will expect centralised crypto service providers to follow the law of India….”
“It’s the least to expect from any company that services Indians.”
Also, Wazirx CEO Nischal Shetty further continues.
“We strongly support competition. If a product or service is not up to the mark then competition will boot it out…”
“But competition should be fair. When regulations come in, every exchange…”
“will have to follow it & compete. Let’s build the best crypto ecosystem in India.”
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