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CoinSwitch Kuber, CoinDCX CEOs to chair crypto council of IAMAI

CoinSwitch Kuber, CoinDCX CEOs to chair crypto council of IAMAI

Ashish Singhal and Sumit Gupta, CEOs of CoinSwitch Kuber and CoinDCX respectively, will be primarily responsible for driving the adoption and growth of the crypto industry in India and will ensure the creation of a consumer safe environment.

(L-R) Ashish Singhal of CoinSwitch Kuber and Sumit Gupta of CoinDCX (L-R) Ashish Singhal of CoinSwitch Kuber and Sumit Gupta of CoinDCX

The Blockchain and Crypto Assets Council (BACC), an arm of the industry body Internet and Mobile
Association of India (IAMAI), has announced the appointment of Ashish Singhal, Founder and CEO, of the CoinSwitch Kuber and Sumit Gupta, Co-Founder and CEO, CoinDCX, as its co-chairs. The members of BACC include the country's crypto exchanges which have adopted self-regulatory mechanism, which includes basic KYC and other regulatory procedures, to ensure safe cryptocurrency transactions on the platforms.

Singhal and Gupta will be primarily responsible for driving the adoption and growth of the crypto industry in India and will ensure the creation of 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, IAMAI said in a statement.

The announcement comes amidst reports of India likely to pass a legislation in the upcoming Budget session to regulate these virtual tokens.

"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," said CoinSwitch's Ashish Singhal.

CoinDCX's Sumit Gupta said that India today ranks second, in terms of the 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. 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," Gupta added.

Also Read: Crypto industry is moving faster than any other sector, says Sumit Gupta of CoinDCX

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