By CNBCTV18.com Oct 18, 2021 11:53:34 AM IST (Published)
Initiatives like the Transparency report by WazirX can help set the bedrock for a comprehensive understanding of why India needs to support such initiatives.
With the incredible growth of the crypto industry in India, it can also be considered that it is simultaneously being ignored in the country. Hence, the time has come when the prominent from this industry take significant measures to protect investors and entrepreneurs working in it. Initiatives like the Transparency report by WazirX can help set the bedrock for a comprehensive understanding of why India needs to support such initiatives.
WazirX being the first-ever Crypto exchange in India to launch the Crypto Transparency report along with the policy think tank has brought more clarity and transparency, dispelling the myths that scare investors, policymakers and institutional partners from crypto. WazirX has not only set the bar high for the right context but also fostered innovation in the country, supporting the regulators to develop policy strategy through the report. Besides all, such initiatives also motivate the whole industry to be transparent with regards to the handling of government and law enforcement agencies information requests.
WazirX reviews legal procedures carefully and places them on the basis of previous requests received from various agencies. WazirX’s compliance rate for law enforcement requests has been 100% for over 377 requests. So far 14,000 accounts were locked by WazirX between April 2021 and Sep 2021 according to the cryptocurrency exchange’s first Transparency Report.