According to the Bloomberg report, India’s first cryptocurrency unicorn, CoinDCX, plans to pursue an initial public offering as soon as government regulations allow it. CoinDCX’s co-founder Neeraj Khandelwal revealed. The share sale would be a key vote of confidence for India’s digital asset industry similar to Coinbase Global Inc.’s U.S. listing earlier this year, Khandelwal said in an interview with Bloomberg Television Monday.
“We want to instill a level of confidence with an IPO of CoinDCX.”
“As soon as the government or the situations allow us, we will try for an IPO,” Khandelwal said. “An IPO gives legitimacy to the industry, just like the Coinbase IPO gave a lot of confidence in the crypto markets. Similarly, we want to instill a similar level of confidence with an IPO of CoinDCX,” the co-founder noted. The firm will decide on a “precise timeline” depending on incoming government regulations, Khandelwal said. “We certainly will look at that in order to grow the industry further,” he said.
India’s central government prepares a bill to regulate cryptocurrencies.
CoinDCX’s expansion plans come at a critical time for the industry’s future in India as the central government prepares a bill to regulate cryptocurrencies. The central bank is clear that it wants all private cryptocurrencies banned while it creates an official central bank-backed digital currency. The government, however, is open to exceptions to promote blockchain technology. Indian regulators have gone back and forth on their stance toward the burgeoning industry. The country effectively banned crypto transactions in 2018, but that restriction was struck down by the Supreme Court last year. The proposed legislation will have a positive impact as it provides clarity for investors and firms such as CoinDCX, Khandelwal said.