In response to previous media reports that "reports related to cryptocurrency regulation in India are ready," WazirX CEO Nischal Shetty said that once the draft is made public, the government should consider the views of people in the field of encryption. He added: "It is important to invite the encryption industry to comment on the new draft. The encryption industry is a relatively new field in the country and has less domain knowledge." He said that although regulation will ensure investors are protected from fraudulent activities. Influence and help companies grow, but regulation must be implemented over time rather than immediately. He believes that it is too early to implement any regulations in this area.