IAMAI Appoints New Co-Chairs To Its Crypto Board

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BENGALURU: The Blockchain and Crypto Assets Council (BACC), which is part of the Internet and Mobile Association of India (IAMAI), announced the appointment of CoinSwitch founder Ashish Singhal and CoinDCX co-founder Sumit Gupta , as co-chairs.

Singhal and Gupta will be primarily responsible for the adoption and growth of the crypto industry in India and for creating a safe environment for consumers. India has seen an exponential increase in cryptocurrency adoption with more than 15 million Indians currently holding crypto assets, BACC said.

“As cryptocurrencies become mainstream in India, the industry is working closely with regulators and policymakers to create a thriving 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 Ashish Singhal, Founder and CEO of CoinSwitch Kuber.

BACC was formed with the vision to do public advocacy for the crypto industry, increase crypto awareness, and provide advice to the industry.

“India is now in second place, in percentage of possession of cryptocurrency in the world. Interest and confidence in the new asset class will increase as more people understand its potential, ”said Sumit Gupta, co-founder and CEO of CoinDCX.

“It is now up to government and stakeholders to create an inclusive ecosystem. The first step in this direction is to build confidence around the product by eliminating misconceptions and providing user-focused education. Second, increase the availability of cryptocurrency transactions through a transparent, safe and secure platform. And more importantly, the government should take the necessary steps and establish crypto regulations in India, ”Gupta added.

Currently, all major crypto exchanges in India are members of BACC.

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