India Requires Single Crypto Regulator, Polygon Co-Founder Says

The co-founder of Polygon said India needs a single regulator to oversee all crypto-related matters. According to Sandeep, a collective authority should be created comprising representatives from the Reserve Bank of India, Securities, and Exchange Board of India, the Goods and Services Tax Council, and the Finance Ministry. Additionally, Nailwal said that the finance ministry should head this task force. Every other institution should be given a clear mandate that no crypto case shall be handled locally. The central crypto task force should only handle it. Those steps, according to Nailwal, are required to enable an honest conversation and advancement between blockchain proponents and monetary and national security advocates. Different government or enforcement entities in various parts of India are now actively involved in crypto, according to Nailwal, and they each have their idea of what crypto is. Polygon has remained outside of India due to regulatory uncertainty, according to Nailwal, who has previously remarked that even though the co-founders are Indian, Polygon is a “decentralized network with no headquarters.” He further stated that Polygon is a British Virgin Islands-based company. “Polygon was never established in India initially,” Nailwal stated. At a time when the platform has been active in scaling, decentralized finance (DeFi), NFT (non-fungible token) apps, decentralized autonomous organizations (DAOs), and ga...