India is working on creating a database of global crypto exchanges and wallets which will be ready by the end of 2024

This database will serve as a constructive step in that direction.

Manhar Garegrat, Country Head, India, and Global Partnerships at Liminal, a wallet infrastructure and custody solutions platform: We are delighted to see India taking the lead in creating a global database for digital asset exchanges and wallets. The idea of bringing critical information about crypto entities to a common platform will significantly enhance the implementation of policies and regulations for digital assets. In my view, a database will act as a foundation for creating a homogeneous ecosystem of companies operating within the digital asset industry and will enable constructive collaboration between companies with diverse Web3 products and services. This will also be a true utilisation of the power of blockchain, which is a network of immutable and traceable ledgers hosted across the globe.

The Government of India has been one of the most vocal governments to talk about the need for global cooperation. This database will serve as a constructive step in that direction. This initiative will ensure symmetric information about companies, which will empower users to make informed decisions. The database may also include ratings of companies based on various parameters like security standards, proof of reserves, and performance history to create an environment of trust and transparency in the digital asset industry.

We are finally witnessing the outcome of the constructive dialogue between the G20 countries for catalysing the process of forming strong policies for digital assets, which will ensure public protection and provide a growth-oriented environment for Web3 entrepreneurs.

Also read: Digital literacy and skills are highly sought-after in today’s job market, says Umang Shah Co-Founder and CTO at SoftvanLabs

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