In an exclusive interview with Cryptonews, Sumit Gupta, Co-Founder of CoinDCX, India’s largest crypto exchange, described 2024 as a turning point for the global crypto ecosystem. Reflecting on the last year’s developments, he highlighted renewed market activity and a shift toward greater regulatory clarity globally, particularly following the U.S. elections and Donald Trump’s victory.
“The U.S. is a trendsetter in financial policy. The regulatory decisions taken there have a global impact, and we’re already seeing other countries ramping up efforts to regulate the sector.”
However, Gupta expressed concern about India’s slow recovery. Despite improving markets, high taxation continues to push 95% of crypto activity offshore. “This exposes customers to unregulated platforms, increasing their vulnerability to scams and non-compliant practices,” he warned, urging a relook at India’s tax policies.
The WazirX hack was a major low point for the Indian crypto space in 2024, sparking concerns about the safety of funds. Gupta reassured CoinDCX users of their platform’s commitment to security. “We’ve invested heavily, spending $2-3 million annually on cybersecurity,” he said, emphasizing transparency through initiatives like proof of reserves and diversified fund storage. CoinDCX also maintains a Crypto Investor Protection Fund and third-party insurance, ensuring users’ funds are safeguarded against unforeseen events.
2025 Will See Institutional Growth, Tokenization, and Blockchain Innovation
Looking ahead to 2025, Gupta foresees increased institutional confidence and the potential for Bitcoin to gain strategic importance globally. “We’ll likely see a wave of IPOs and institutional adoption, which will stabilize the market,” he said. Gupta also predicted a rise in tokenization of real-world assets and non-financial blockchain applications.
“India’s vibrant developer community and leading adoption rates position it well to play a significant role on the global stage.”
Gupta’s vision extends beyond price speculation. Talking about Bitcoin’s price, he noted, “Bitcoin’s network effects will solidify its position as a store of value, and strategic announcements could catalyze significant price movements.”
He further noted that India must move beyond speculative trading to embrace blockchain’s transformative potential. “This is a long-term game,” Gupta concluded. “With the right regulations, technological breakthroughs, and sustained investments, 2025 could set the foundation for a thriving crypto ecosystem globally and in India.”
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