According to the newspaper, a Supreme Court decision to lift the ban on trading cryptocurrencies has led to an unprecedented jump in trading volumes and activity. Former Zebpay CEO Ajeet Khurana issued a comment explaining the situation and why the sudden surge in trading has occurred:
“Along with the lifting of the restrictions on trading, the lockdown has also pushed people to stay at home and many people are spending more time on their desktops and many of them are trading more.”
Khurana added that trading volumes were robust and were likely to keep steady for a while. According to Khurana, there is enough interest to turn digital assets into a “valid asset class and commercial activity.”
WazirX Founder and CEO Nischal Shetty shared his excitement, arguing that there has been a significant push for digital assets with more start-ups and companies joining in. However, one issue remains as crippling as ever.
Even though the Supreme Court lifted the ban to trade cryptocurrencies earlier in 2020, this doesn't yet set a clear-cut framework for their regulation, which would, sooner or later, throw a spanner in the trading activity.
KYC and AML practice must be considered in handling cryptocurrency assets, Shetty argued. Some casinos such as BitStarz and Bitcasino have been running comprehensive background checks to ensure that players are of the legal age and use traceable funds that aren't the result of money-laundering.
Meanwhile, Indian Ocean residents want to see their “.io” domain back in their own control after a UK-based company bought it years back ahead of the cryptocurrency boom.