India’s largest cryptocurrency exchange, CoinDCX, has no immediate plans for a public listing as the country’s regulatory environment remains uncertain.
Cointelegraph said in an official statement on November 29 that CoinDCX does not have a specific route or point for when a potential IPO will be implemented.
A company spokesperson said: “Every growing company, over time, is striving to be included in the list. We have similar ambitions at CoinDCX. We would like to reiterate that there are no plans to announce an inclusion in the foreseeable future,” a company spokesperson said.
The latest announcement complements comments by CoinDCX co-founder Niraj Handewal, who previously stated that CoinDCX will undertake a listing on the exchange “as soon as the government or situation” allows the exchange to do so. Handelwal said in an interview with Bloomberg that CoinDCX will set “specific timelines” depending on upcoming government regulations.
A CoinDCX spokesperson confirmed that the focus of the Bloomberg interview was “a discussion of India’s legal and regulatory framework regarding the crypto bill that has been sent to Parliament.”
CoinDCX is one of the largest cryptocurrency companies in India. In August, CoinDCX raised $90 million in a Series C funding round, becoming the first cryptocurrency company in India to achieve unicorn status.
According to local reports, India’s Finance Minister Nirmala Sitharaman said on November 29 that the government has no plans to recognize Bitcoin (BTC) as a currency. It also indicated that the government does not collect data on bitcoin transactions.
On the topic: Experts are divided on the extent to which India’s ban on “private cryptocurrencies” will go.
The latest news comes after many years of uncertainty over crypto regulation in India as the industry remains unregulated after India’s central bank attempted to ban cryptocurrency in 2018. Earlier this year, several alleged government-linked sources raised concerns about the ban. Another is coming to cryptocurrency, which indicates that the Indian government is planning to impose a complete ban on the industry.