BENGALURU: After the recent $44 million crypto theft, CoinDCX on Tuesday said it is financially strong, fully operational and committed to building for the long-term.
Co-founder Sumit Gupta said, “CoinDCX is more focused than ever on building India’s most trusted crypto company - with integrity, resilience, and long-term vision. We’re building stronger. We’re moving faster. And we’re not slowing down. DCX Group is focused on building for the next decade of crypto adoption. Strong revenue, user-first actions, and deep investor confidence form the foundation for our next phase of growth. We're here to stay, lead, and grow.”
It also said that DCX Group -- comprising CoinDCX (India), BitOasis (UAE and Bahrain), and Okto -- is a high-growth, financially sound business built for scale and that its annualised group revenue stands at Rs 1,179 crore and assets under custody (AUC) are over Rs 10,000 crore.
Meanwhile, Web3 venture firm Hashed Emergent has released the COINS Act — a non-binding model law intended to support the country's crypto policy dialogue with a structured, constitutionally aligned framework for regulating crypto-assets and decentralised systems.
It said the Crypto-systems Oversight, Innovation and Strategy (COINS) Act is the industry-authored legislative template addressing the regulatory vacuum in the country’s crypto ecosystem.
The country's crypto space continues to expand rapidly with investor activity, and start-up innovation. Yet, the absence of a clear legal framework—marked by punitive taxation (30% capital gains, 1% TDS), fragmented KYC norms, and no dedicated regulator—has led to increasing capital flight and regulatory ambiguity, the venture firm added.
Its key provisions include codified crypto rights, establishing a dedicated regulator -- CARA (Crypto Assets Regulatory Authority), token-based taxation and strategic crypto reserve.
“The COINS Act fills a critical void in India's financial regulatory framework and offers a bold blueprint of how India ought to regulate crypto assets and crypto asset intermediaries consistent with the public policy objective of balancing innovation and regulation. The Act matters now more than ever because in the absence of a well crafted law with clearly defined ‘Crypto Bill of Rights’ and delimitation of regulatory powers, India risks being left behind even as other nations rapidly mainstream crypto assets and empower their respective people to benefit from its transformative potential," said Mandar Kagade, principal founder, Black Dot Public Policy Advisors.