India attracted funding worth $638 million for crypto-currencies and blockchain investments across 48 different rounds in 2021, The Economic Times reports.
India’s crypto market shot up by 641 per cent from July 2020 to June 2021 as per the Chainalysis report back from October 2021.
This included the likes of CoinDCX raising about $90 million back in August whereas Sequoia India doubled its investments in CoinSwitch Kuber as well.
Several crypto exchanges have made use of the recent funding to augment their operations. They have also been advertising extensively, especially during major tournaments such as the Indian Premier League (IPL) and World T20 amongst others.
The overall demand for digital assets grew in India amidst the pandemic and the central government even refrained from introducing the bill that proposed banning all private cryptocurrencies twice this year.
The controversy emerged when a couple of advocates had submitted public interest litigation (PIL) against CoinDCX, Coinswitch Kuber and Wazir X.
They even asked the Securities and Exchanges Board of India (SEBI) to layout guidelines and also take measures against these kinds of advertisements running sans the standard disclaimers.
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