IAMAI’s New Board to Oversee Self-regulation by Crypto Exchanges

Our Bureau

Mumbai:

The Blockchain and Crypto Assets Council (BACC) will set up a formal board to oversee the implementation of a selfregulatory code of conduct for member crypto exchanges.

BACC is part of the Internet and Mobile Association of India (IAMAI).

India’s largest crypto exchanges — CoinDCX, WazirX and ZebPay — are members of BACC. The board will include eminent jurists, technical specialists and fintech compliance specialists.

“In parallel, IAMAI has also suggested that the government regulate crypto assets through an Act of Parliament,” a spokesperson for IAMAI-BACC said.

The self-regulatory code, which is already in place, includes voluntary compliance with anti-money laundering, combating of financing of terrorism, know your customer (KYC) regulations, and other company and taxation laws.

On Monday, the Reserve Bank of India said banks should not use its April 2018 circular — struck down by the Supreme Court in 2020 — to warn customers of penalties for dealing in cryptocurrencies. The court’s verdict was in response to a petition filed by IAMAI and crypto exchanges.

The central bank has, however, asked banks to continue carrying out due diligence on customers prescribed under existing regulations.

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