ETMarkets Smart Talk: Regulatory Framework Will Reduce Crypto Market Uncertainty: Sumit Ghosh, Chingari

The crypto sector will continue to mature at an increasing rate in 2023, said Sumit Ghosh, CEO and co-founder of Chingari.

It is believed that 2023 will provide more clarity on the regulatory front, addressing the concerns of the crypto industry, he added while sharing his views on layoffs, future plans, markets in general and Moreover. Read the edited excerpts:

Crypto markets have remained volatile in 2022 due to a number of factors and new flows. What is your opinion on this and how do you see it? What are your main takeaways?

This has been a tough year for crypto markets with the fallout from the ongoing Russian-Ukrainian war, Fed interest rate hikes, and general bearish sentiment impacting cryptocurrencies. Not to mention the collapse of FTX and the crash of Terra-Luna. Whether the crypto winter will continue or recover remains to be seen.

However, with more and more investors adding cryptocurrencies to their portfolios and buying tokens to support on-chain transactions, the overall demand for cryptocurrencies seems to be increasing.

On top of that, more crypto adoption is expected to grow, with many institutions now accepting crypto payments. The year 2022 has also seen NFTs come under a lot of discussion considering their possible integration into sports, entertainment and the arts. Overall, the crypto sector will continue to mature at an increasing rate.

Monetization platforms like Chinagri have also faced some heat this year. What do you think went wrong for such platforms and what are your main lessons?

It was a good year for us despite a price correction which, again, was due to market factors beyond our control. Despite the black swan event, our GARI wallet holders have grown significantly, with the number surpassing 1.7 million in just 10 months of its integration into the Chingari app.

This shows the community’s confidence in our project. We focus on creating great products for our users. Whether it’s Creator Cuts, our NFT video marketplace, GARI Mining, or daily subscription plans, all help our users monetize their content. Platforms that have weathered the heat are still in the web2 space as we transitioned to web3.

Going forward, only platforms that give back to the community by helping them monetize their content will thrive, the rest will struggle to sustain itself.

What are your plans for 2023? Is there a feature or program to launch soon? How do you plan to stay ahead of the competition in the coming year?

We plan to launch Chingari with a focus on Southeast Asia, Latin America and Africa, as Africa has the potential to be an attractive market for us.

We are working on GARI quests which will be released soon. Through GARI Quests, advertisers will be able to advertise their business to Chingari’s vast web3 user base with native web3 advertisements. We recently released our new “Staking” feature which will give GARI holders the opportunity to stake their GARI tokens and earn up to 10% APY.

This will add an additional utility to Chingari’s native encryption token. Additionally, gamification and the release of native wallets are on our roadmap for the coming year. These multiple offerings will give us an edge in the fiercely competitive vertical.

Amid the layoff buzz in 2022, what are your headcount plans for the next calendar? Are you considering hiring new talent? If yes, then in which departments?

With plans to venture into new regions, Chingari will hire local human resources for these markets. The technical, content and creative departments will be expanded. As the business continues to grow, we plan to hire 400-500 people in our overseas offices, which will more than double the current headcount of around 250.

Venture capital funds and private equity players have lost interest in the crypto space, but Web3.0 and the metaverse continue to monopolize attention. Do you think 2023 will be better in terms of funds entering the crypto space again or is there more time?

The year 2023 could see greater adoption of Web3 as more and more organizations come to understand its many advantages over conventional systems, including better security and transparency, lower prices, faster transactions and more efficient storage.

There are always capital interests from VCs and private equity players for web3 projects. Projects with the best product market fit (PMF) and companies that create value rather than rumors and empty promises will continue to attract funds.

GARI, like the majority of other crypto tokens, did not have a good year amid regulatory buzz. What are your expectations of the government in terms of regulations? Do you think 2023 will be a milestone for crypto regulation?

In the last budget, the government proposed a tax on gains made on virtual digital assets at 30% and 1% TDS on the transfer of cryptos. In the upcoming Union budget, we can expect the introduction of a regulatory framework that helps reduce the uncertainty associated with crypto markets. It is believed that 2023 will provide more regulatory clarity, addressing the concerns of the crypto industry.

(Disclaimer: The recommendations, suggestions, views and opinions given by the experts belong to them. These do not represent the views of Economic Times)


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