Leading Indian Crypto Exchanges Try Multi-Faceted Approach For Regulation

Leading Indian Crypto Exchanges Try Multi-Faceted Approach For Regulation

“Crypto exchange ZebPay is joining IndiaTech, an industry association representing India’s consumer internet startups, unicorns, and investors. This induction would be one of many varied approaches tried by other crypto exchanges in India to push the government towards crypto regulation. 
ZebPay Joins Leading Consumer Industry Association IndiaTech
Crypto exchange ZebPay announced that it was joining IndiaTech, in a bid to help raise awareness and nudge the government in laying down the framework for the crypto industry and assets in India. They believe that joining the association is one of the many approaches they could adopt in formulating a multi-pronged approach to increase pressure on the government. 
Advisory Role Assumed By Association To Assist Startups
IndiaTech represents the country’s leading consumer internet startups such as Dream Sports, Ola Electric, and Nykaa. The association also represents leading investment firms like Steadview Capital and Falcon Edge. IndiaTech has assumed an advisory role, helping several local startups with regulatory issues. The association has already worked with the Securities and Exchange Board of India (SEBI) in matters of voting rights, listing norms, and promoter lock-in. 
IndiaTech Draws Framework For Crypto Regulation
IndiaTech’s proposal last month to the government consisted of a white paper that outlined the requirements necessary for regulating crypto assets and exchanges in India and was successful in nudging the crypto movement in the country in the right direction. 
According to IndiaTech CEO Rameesh Kailasam, 

“The exchanges liked the approach we took to address the issues. Crypto exchanges want to be part of IndiaTech because we have moved the needle in the past few months on the narrative and perception of this industry.”

Crypto Exchanges On Overdrive To Address Crypto Regulatory Concerns
Other leading crypto exchanges are working around the clock to propose a clear regulatory framework to the government bodies and financial institutions. They, too, are considering joining IndiaTech, but without sacrificing their work with the Blockchain and Crypto Assets Council (BACC), as most of them believe that they need to adopt a multi-pronged approach. 
An executive from one such crypto exchange, who wished to remain anonymous, said, 

“It’s all about trying from different bodies and seeing what works. There’s unlikely to be a single regulator anyway, so we’re just trying to do different things to see what works.”

Major Crypto Exchanges Already Onboard With BACC
The Blockchain and Crypto Assets Council (BACC), a part of the Internet and Mobile Association of India (IAMAI), has already partnered with leading crypto exchanges, including WazirX, CoinDCX ZebPay, and CoinSwitch Kuber, to set up a self-regulatory board for the sector. 
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.”

Source: Crypto Daily™

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