CoinDCX, one of the largest crypto exchange in India, has revealed that it is in no hurry for a public listing, especially with so much unpredictability overshadowing the country’s regulatory environment at the time.
CoinDCX pursuing an IPO depends on government regulation
CoinDCX has announced that it is not planning to go ahead with an initial public offering (IPO) for now. As admitted by the company’s co-founder Neeraj Khandelwal during an interview with Bloomberg Television today, the plans for an initial public offering will only be set rolling as soon as government regulations allow it. Now this upcoming regulation is reportedly expected for February 2022.
He added that taking an IPO will of course happen at some point in the near future, but definitely not right away.
Khandelwal also mentioned how important a share sale would be for the firm in earning the trust and confidence of India’s digital asset industry, just as it happened with Coinbase earlier in the year, after the exchange began preparations midway through 2020.
According to Khandelwal, the exchange has not even decided on a specific timeline yet, but will do after a clarity has been reached with the government regulations. Recall that the crypto bill is presently before the parliament in India.
Too much uncertainty about India crypto regulation
Meanwhile, it is noteworthy that the finance minister of India, Nirmala Sitharaman has also made a bold statement regarding the government’s take on Bitcoin. Per local reports, she claims that the government has no plans of adopting Bitcoin as a legal tender.
This news comes amid the cloud of uncertainty that has been around cryptocurrency regulation in India for years. Back in 2018, there was an attempt by the central bank of India to outrightly ban crypto. Again in this year, there have also been multiple reports of another upcoming crypto ban, especially from government sources.
Hopefully in the coming weeks, India will pick a side and issue clear regulations with regards to crypto activities in the country.