The Blockchain and Crypto Assets Council (BACC), a part of IAMAI whose 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, has announced the appointment of Ashish Singhal, Founder and CEO, CoinSwitch and Sumit Gupta, Co-Founder and CEO, CoinDCX, as its Co-Chairs.
Singhal and Gupta will be primarily responsible for driving the adoption and growth of the crypto industry in India and ensuring to create a consumer safe environment. India has seen exponential rise in the adoption of cryptocurrency with more than 1.5 crore Indians currently holding crypto assets.
On his appointment, Ashish Singhal stated,“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.”
Similar views were echoed by Sumit Gupta who said that India today ranks second, in percentage of cryptocurrency ownership across the world. The interest and confidence in the new age asset class will increase as more and more people understand its potential.
He added that 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.
It is to be noted that the Blockchain and Crypto Assets Council (BACC) was formed with the vision of doing public advocacy for the crypto industry, to increase awareness about crypto and provide industry guidance. All major crypto exchanges are members of this industry body.