A Single Crypto Regulator is What India Needs, Polygon Co-Founder Says

According to Sandeep Nailwal, co-founder of Ethereum scaling project Polygon, India would so well with a single regulator overseeing all crypto related activities.

The Indian born businessman currently residing in Dubai told crypto news authority Coindesk that a collective authority composed of officials from the Reserve Bank of India, Securities and Exchange Board of India, the Goods and Services Tax Council and Finance Ministry would encourage new projects in the country. He said:

“The finance ministry should be the one heading this task force, and every other institution should be given a clear mandate that no crypto case shall be handled locally. It should only be handled by the central crypto task force.”

Nawil added:

“What they see is that crazy value is being created and try to see how it can be taxed in India. That’s needed, too. But to expect each nodal member of each regulatory body to truly understand this new technology in their busy schedules is very difficult. Hence we need one single highly empowered division, which has singular responsibility to interact, learn and enforce regulations on this fairly niche industry.”

Nailwal made it clear that Polygon, registered in the British Virgin Islands, “never set up in India from day zero,” due to regulatory uncertainty.