CoinSwitch Kuber and CoinDCX Founders Join IAMAI Crypto Council as Co-Chairs

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New Delhi: Ashish Singhal, Co-Founder of CoinSwitch Kuber, and Sumit Gupta of CoinDCX have been appointed Co-Chairs of the Blockchain and Crypto Assets Council (BACC), an industry body under the Internet and Mobile Association of India (IAMAI).

BACC members include cryptocurrency exchanges that are signatories to a self-regulatory code of conduct, which ensures they comply with regulatory guidelines for operating in India. CoinDCX and CoinSwitch Kuber are among the largest crypto platforms in the country, both valued at over $ 1 billion each.

ETtech

CoinSwitch Kuber co-founder Ashish Singhal.

In their role as co-chairs, Singhal and Gupta will be primarily responsible for the growth of the crypto industry in India, from both a business and consumer perspective. India has seen an exponential increase in cryptocurrency adoption with more than 1.5 crore of citizens holding crypto assets, according to a statement released Friday. ETtech

Sumit Gupta, Co-Founder of CoinDCX.

“The (crypto) industry is working closely with regulators and policy makers to create a prosperous and secure crypto environment to put India on the global crypto map,” Singhal said in the statement. “We believe that a progressive regulatory framework will foster innovation in financial offerings and bring financial well-being to every Indian.”

According to Gupta, India today ranks second in the world in terms of percentage of crypto ownership. “Interest and confidence in the new asset class will increase as more and more people understand its potential,” he said.

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