CEOs of CoinSwitch And CoinDCX Appointed As Co-Chairs of IAMAI’s Crypto Council

Both Co-Chairs will be working towards increasing awareness about and adoption of crypto.

On Friday, the Blockchain and Crypto Assets Council (BACC), a part of the Internet and Mobile Association of India (IAMAI), appointed Ashish Singhal, Founder and CEO of CoinSwitch and Sumit Gupta, Co-Founder and CEO of CoinDCX, as its Co-Chairs.

The members of BACC are India based crypto exchanges who are signatories of a self-regulatory code of conduct that ensures they comply with basic KYC and other regulatory guidelines.

Vision of Both the Co-Chairs of BACC

BACC is the premier public advocacy group for the crypto industry, to increase awareness about crypto and provide industry guidance in India.

“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.”

Ashish Singhal, Founder and CEO, CoinSwitch Kuber

Sumit Gupta seconded Singhal’s views and commented,

“India today ranks second, in percentage of cryptocurrency ownership across the world. The onus is now on the government and the players to create an inclusive ecosystem. 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.”

Sumit Gupta, Co-Founder and CEO of CoinDCX

CoinDCX and CoinSwitch are the largest crypto exchanges of India by valuation. Their co-founders taking up such responsibility will work towards increasing the pace of growth of crypto-related businesses and the adoption of crypto assets in the country.

Reappointment of Shaktikanta Das

The same day also saw Shaktikanta Das getting reappointed as the Governor of the Reserve Bank of India (RBI). Das stands counter to digital assets citing financial stability, money-launder and security concerns.

In 2018, RBI had banned all the banks from dealing in cryptocurrencies. It was only in 2020 when the Supreme Court of India set aside RBI’s ban and allowed investment in digital assets.

But, RBI has reiterated its stance against digital assets many times.

In recent months, unconfirmed news has been spreading that the Government of India may regulate crypto assets and classify them as asset class. However, no official statement has been released.

Right now, it is too soon to say whether crypto assets will be legalized or not. A bill is in the works, but no one can tell what it contains except the Government.

India is witnessing huge adoption of crypto assets even in such an uncertain regulatory environment. Even international venture-capital firms are investing in India based crypto companies.

Will the industry remain in the country for long or not? What do you think?

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