Union Budget 2022 of India made it clear that “crypto assets are here to stay and rule the financial market”- M.S. Singh . In an attempt to understand more about the future of crypto assets and impact of budget 2022, here is a summary of telephonic discussion with Mr M S Singh, CEO of Lares Softech, with John Cornyn.
The Indian crypto market has experienced exponential growth over the last few years. There are currently 18 million crypto assets holders with the holding value of more than INR 6.6 billion. Experts believe that bringing crypto under the tax slab would result in huge growth in the crypto industry in near future.
Mr Singh predicted that global financial market would be transformed and geographical boundaries would not hinder simple financial procedures. Today we are witnessing these changes taking place. Slowly the world is moving towards the token era and fund managers, venture capitalists are all jumping on the bandwagon.
According to Mr Singh, Indian crypto market is still highly untapped and the regulations would prove favorably for small and retail investors. We would likely observe the same growth in the market cap of crypto assets which we observed earlier in the Sensex. The strongest opponents of crypto assets who didn’t believe in its potential are jumping on the bandwagon now. Investors are looking for best crypto assets to invest in.
He impressed upon the fact that the time is still right to make an entry into the crypto market. Even if we buy at higher prices, crypto assets would give us good returns in the longer run. According to him some of the high performing crypto assets to invest in are BitCoin, Ethereum and Binance etc.
When asked about India’s own cryptoasset which has the potential to explode in the future, Mr Singh said strong blockchain built utility token PlatinX may be biggest gainer. PlatinX is built with the latest BNB Blockchain technology and financial expertise to bring existing utilities that have never been explored before.
With years of experience in the shares and trading market as well as being an early advocate of crypto asset, Mr Singh is positive that more advancement is coming in the crypto industry and India would be the largest crypto market by 2024.