In the aftermath of Indian authorities’ searches, CoinSwitch CEO says the cryptocurrency exchange is ‘fully cooperating.’

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Last Updated on August 28, 2022 by Bitfinsider

The CEO of Indian crypto exchange CoinSwitch Kuber, Ashish Singhal, stated on Saturday that “we are fully cooperating” with the Enforcement Directorate, two days after the financial crimes agency conducted searches at five locations.

“Cryptos are not yet clearly classified in most parts of the world,” Singhal tweeted, attempting to explain the position of his crypto platform. “Now, the law (in India and elsewhere) is still debating whether cryptocurrency is a “commodity,” “security,” “currency,” or something entirely new. This is an ongoing project. CoinSwitch Kuber is dedicated to establishing a responsible crypto ecosystem that benefits the Indian economy.”

Singhal pointed at Australia, where “token mapping” is being used to better understand crypto classification, and the United States, where “there is ongoing debate

whether some crypto are considered commodities, others securities.”


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Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.


Hardware wallets are safe and secure devices that can be used offline. They keep your cryptocurrency offline, making it impossible for you to be hacked. To find out more on the leading hardware wallets, you may view our reviews here: Ledger & Trezor
Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.

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