During the Indian Parliament’s Budget Session two months ago, all eyes were on a proposed bill to ban cryptocurrency trading in the world’s second-most populous country. The well-publicized bill sparked a large-scale campaign within the local industry encouraging the government to establish proper regulatory framework rather than an outright ban. Ultimately, the bill did not pass the parliament, leaving the state of India’s crypto industry uncertain.

In an exclusive interview with Forkast.News, Neeraj Khandelwal co-founder of Indian crypto exchange CoinDCX, explained that local investors took this as a sign the bill may never pass, and actually laid the groundwork for further – much welcomed – regulation. As a result, the Indian retail and institutional market has been booming in the month since.