CoinSwitch co-founder Ashish Singhal emphasizes that transparency, not just taxation, is crucial for the future of cryptocurrency in India. Despite the dominance of the Unified Payments Interface (UPI) and the introduction of central bank digital currencies (CBDCs), regulatory clarity remains a significant challenge. Singhal notes that while India's 2026 budget maintains strict crypto taxes, a more balanced tax structure could foster growth and innovation. Singhal also points out that regulatory uncertainty is driving Indian Web3 startups to more crypto-friendly hubs like Dubai and Singapore. He stresses the importance of clear regulations to retain India's advantage in its large developer community and user market. Additionally, Singhal highlights the growing interest in Bitcoin ETFs, noting that foundational regulatory issues must be addressed before such products can be launched in India.