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Quite a rumble in India’s crypto space when an ad taking up the entire front page of The Economic Times called the government to bring regulatory guidance to the crypto industry in the country. “This is India’s crypto moment”, the ad said.
The advertisement was backed by a group of Indian cryptocurrency exchanges WazirX, ZebPay, CoinDCX, CoinSwitch Kuber and others. In the ad, the group stated to be complying with the Blockchain and Cryptocurrency Committee of India’s (BACC) self-regulatory code of conduct under the Internet and Mobile Association of India (IAMAI).
The code includes adherence to online know-your-customer (KYC) verification of all customers, preventative measures for fraud, efforts to educate investors, transparent bookkeeping of all transactions, grievance redressal and full cooperation and compliance with law enforcement and tax authorities.
According to the front pager, Indians have already invested $80 billion (INR 6 trillion) in crypto and given these “staggering” figures and “massive” growth potential, India is bound for a “transparent and regulated environment.”
Crypto regulation in the country has been on a standstill for at least a year with a Bill waiting to be passed. In March of 2020, India’s Supreme Court lifted the Reserve Bank of India’s two-year banking ban on crypto exchanges and since investment in crypto has soared. Chainalysis revealed in July of this year that Indian investment in crypto surged from $923 million last year to $6.6 billion this year.
It has recently been reported that crypto will become regulated just like commodities and the exchanges are hoping that their advertisement will keep the regulatory bullish momentum in the country ongoing.