Top cryptocurrency exchanges plan to join IndiaTech

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Top cryptocurrency exchanges of India are set to join IndiaTech, an umbrella body for technology startups, in order to pressure the government to quickly establish a framework for virtual currencies, The Economic Times reported on June 22.

Crypto exchange ZebPay is joining IndiaTech, according to the report. The report said that their association with the Blockchain and Crypto Assets Council (BACC), a part of the Internet and Mobile Association of India (IAMAI), will continue. BACC is in the process of forming a board, which will decide on AML/CFT and KYC and taxation laws for member cryptocurrency exchanges. CoinDCX, WazirX and ZebPay, which are the top cryptocurrency exchanges in India, are among the members of BACC.

“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” Rameesh Kailasam, CEO, IndiaTech was quoted as saying in The Economic Times.

Earlier, IndiaTech.Org sent a 5-point policy proposal framework to the government and Reserve Bank of India. The framework was prepared around bringing positive crypto regulations to India.

To mitigate these risks, IndiaTech.org had proposed a 5-point framework to regulate crypto as follows:

I. Define crypto assets and also introduce a system for registering local homegrown crypto exchanges in India;

II. Introduce sufficient checks and balances through well-defined reporting mechanisms, accounting standards and mechanisms to counter suspicious activities and/or transactions, enable traceability and combat Anti-Money Laundering (AML) and Combating Financing of Terrorism (CFT);

III. Enable taxation (Direct and Indirect) to treat crypto assets just as other current assets (but not cash), permit disclosures and regulate import which would result in additional revenue generation;

IV. Allow innovative uses of crypto by businesses and create specific safeguards to protect retail investors from token issuance;

V. Encourage self-regulation for the industry to adhere to the defined code of conduct carved out under such a self-regulatory model which would be framed in alignment with the government’s primary objective of safeguarding consumers as well as financial stability.