Crypto investment platform CoinSwitch is actively talking to market regulator Securities and Exchange Board of India (SEBI) and banking regulator Reserve Bank of India (RBI), ahead of its diversification into a wealthtech platform. The platform is also exploring partnerships with non-banking financial companies (NBFCs) and is applying for an NBFC licence to offer fixed deposits and related banking products. This comes at a time when Indian crypto startups are increasingly finding it difficult to sustain core business amidst regulatory uncertainties and high taxation, leading to crypto trading volumes plunging by over 85-90 percent.
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