First of all, I'd like to just get some clarity.
A disclosure. Do you have any exposure to FTSE media?
Or it's its counter? As I've already mentioned, that is
absolutely zero exposure to FBI XOR. So we don't we don't, you know, let
anyone touch customer funds. So, Lou, not three CFB X zeal exposure
to all of that. All right.
So let's get to the nub of the issue here.
Is big, big damage done to crypto currencies and crypto exchanges.
How do they come back from this? Yeah, that's
so it's a tough time for the industrial world.
I've been talking to a lot of community members and they're also quite shocked
by what happened over the last one week. I think it's going to take some more
time. It has definitely shaken customer
confidence, but but the industry will rise stronger.
I think that's the good thing that's going to happen out of this, is it is
going to remove the noise from the signal.
A lot of bad actors know that. A lot of slogans, which are just like
being used for speculative woe is all of that should go on.
The exchanges, which are not there for long term, should not
operate. And also from a regulatory point of
view, I feel that Goldman should step up and set a very high standard.
Far, far operations are capital companies so that customer funds are
absolutely protected. We talk about how we won, perhaps
coordinated approach to regulation, standardization, submit, but the truth
of the matter is that regulators can't even agree on how to define
cryptocurrency. How do you get to regulations then?
Yeah, that's that's an important question you've highlighted, because in
India everything is put under the way that it does, and if these are fungible
on funds, you will all kind of Kailey Leinz.
I think that is where I personally am a strong advocate of.
You know, like in India, we call it public private partnership, where
Goldman works with the crypto companies and helps in setting up the right
standards, define things that I wear so that the industry can, you know,
gradually grow without all of these, because one downside of regulations that
innovation can hinder. Right.
So how do you continue to innovate and how do you continue to regulate is
something which is quite important. And one of the smartest way to achieve
that is by industry. Players work very closely with the
government and the policy makers to set those standards right from the
definition to how every crypto business in the country should operate.
I think in India, none of the exchanges is affected by RTX, but we feel that
Indian exchanges should set that high bar for themselves.
And as you know, be be very strong in all of these processes, even though the
regulations are not there. So we are already kind of self regulated
and then we'll continue to set that standard.
What's also important submit is proof of reserves increasingly uses a wanting
that. Are you headed that way?
Yeah. So I have actually tweeted about it
yesterday that I have taken one more site offer.
So proof of it is either something that many people are advocating about.
But I think one political aspect is missing, which is also the proof of
liabilities. How much liabilities and contingencies
you have in exchange, how much you owed to the users.
All of that worth looking into them is actually very important.
So proof of results in conjunction with proof of life.
But it is what will give you the actual picture.
But that's just having a look at what's going on this space.
You know, we had so many of these companies, perhaps they'd go to the
wall, if you will. I mean, auditing is one thing.
How do you provide transparency as to what you do?
Is it above and beyond what the authorities have actually asked you?
Yes, absolutely, very, very important question, and first of all, I just want
to highlight that in India, Apple is still unregulated, that RTX guidelines.
But there are no regulations and guidelines on how local applications
should operate. So what we have done or what on top of,
you know, the basics of ISE name alone. So every customer on a platform goes
through a standard KYC process, which traditional, you know, big institutions
and brokers go through all of that process, replicate it as it is in our
company in kind, he said. So, you know, we behave and we have all
the processes. We know every process is like.
Like how any related entity operates. So we read that we had, you know,
regulated entity already and that's how we sort of have designed all the
processes of it. Just one thing that is difficult.
But we have taken it step one step ahead and doing that already.
In terms of transparency, what you just mentioned.
We have openly disclosed what liabilities we have, what assets we
have, and not right now. The team is figuring out that we are how
we can make it transparent in real terms, that any customer can come on the
platform and see how much how much resource we have.
What are the liabilities and are we in a strong position financially?
So I think steps like those gives a lot of boost to the customer confidence.
Plus, also, one very important thing is being open and communicate with the
community, communicate to the customer is quite important in these tough times.