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CoinSwitch in talks with RBI, SEBI to launch financial products, exploring NBFC licence

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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