CoinDCX is accelerating efforts to finetune its communications with the government of India. The crypto exchange has appointed Kiran Vivekananda as the chief of public policy and government affairs. As part of his newly designated role, Vivekananda will be working with Indian regulators now that the government is inching closer to formulating the crypto laws that aim to safeguard Indian investors. The CoinDCX official will also engage with industry stakeholders and drive crypto adoption in India.
Vivekananda joins CoinDCX from Dream Sports Inc, where he served as the Chief Policy Officer, responsible for driving advocacy efforts for the online gaming industry.
In his experience spanning over 20 years, Vivekananda has also worked with Uber India and HCL Infosystems.
“The Indian virtual digital assets (VDA) market is the second largest in the world and I believe that this presents a tremendous opportunity for India to lead the world in the technology-driven digital innovation in the crypto/ Web3 space. I will leverage my experience in addressing concerns of regulators and in driving positive narratives and use cases of the crypto and blockchain technology,” Vivekananda said in a statement.
Recent research reports have pointed out that Indian crypto investors have lost trust on the industry.
The average daily transaction volume on Indian exchanges WazirX, CoinDCX, BitBNS, and Zebpay have dipped to $5.6 million (roughly Rs. 44 crore) in the last few days. Up until June, this volume was around $10 million (roughly Rs. 80 crore).
CoinDCX is hence, looking to hike its stakes on safety and compliance to shape-up the future of its operations in India.
“We are delighted to have Kiran lead our public policy portfolio. Kiran’s deep expertise in developing public policy strategies will strengthen our efforts to push the Indian crypto Industry mandate and represent the industry at relevant forums,” said Sumit Gupta, co-founder and CEO, CoinDCX.
Vivekananda’s appointment as CoinDCX’s government affairs chief also follows a controversy that recently embroiled the crypto exchange in legal issues.
Earlier this month, CoinDCX was among other Indian crypto exchanges that were served notices by the Directorate of Enforcement (ED), India’s financial watchdog.
These exchanges, including WazirX and CoinSwitch Kuber, are being probed in cases of money laundering and violating foreign exchange laws.