The Blockchain and Crypto Assets Council (BACC), a part of Internet and Mobile Association of India (IAMAI) IAMAI, has appointed Ashish Singhal, founder and CEO, CoinSwitch and Sumit Gupta, co-founder and CEO, CoinDCX, as its co-chairs. The role of the co-chairs will be driving the adoption and growth of the crypto industry in India, along with creating a consumer-safe environment. Considerably, more than 1.5 crore Indians currently hold crypto assets, IAMAI said in a statement.
“As cryptocurrencies are getting further mainstreamed in India, the industry is working closely with regulators and policymakers to build a prosperous and secure crypto environment to put India on the global crypto map. We believe that a progressive regulatory framework will foster innovation in financial offerings and bring financial well-being to every Indian,” Singhal said.
India today ranks second, in the percentage of cryptocurrency ownership across the world, Gupta noted. According to him, the interest and confidence in the new age asset class will increase as more and more people understand its potential. The onus is now on the government and the players to create an inclusive ecosystem, Gupta added. “
The first step in this direction is to build trust around the product by removing misconceptions and providing user-focused education. Second, increase the availability of cryptocurrency transactions through a transparent, safe, and secure platform. And most importantly, the government should take up the steps and form crypto regulations in India to protect the best interests of crypto investors,” he stated.
BACC’s members are crypto exchanges operating in India and are signatories of a self-regulatory code of conduct that ensures they comply with basic KYC and other regulatory guidelines. It was announced earlier this year that BAAC would set up a formal board to oversee the implementation of a self-regulatory code of conduct for member exchanges.