Crypto Industry’s revised self-regulation norms to include NFT
January 27, 2022
The crypto industry in India, which has been working on revising self-regulation rules, will include NFTs start-ups under the purview. The ongoing work on code of conduct guidelines is also expected to expand on bringing uniform consumer protection safeguards, taxation and advertising rules, people aware with the developments told BusinessLine.
The existing Code of Conduct Guidelines for the crypto industry, drafted by The Blockchain and Crypto Assets Council, is being revised to take into account concerns around the lack of proper regulatory oversight on crypto transactions.
BACC, which is a part of the Internet and Mobile association of India, had recently sought inputs from the industry to determine the revised code. Most of the top crypto exchanges in the nation including WazirX, CoinDCX, Unocoin and CoinSwitch Kuber among others are members of this body.
According to the sources, “There’s nothing out in the law today about cryptocurrencies. We are working on updating the guidelines as per the developments. We are also looking to introduce NFT start-ups within the ecosystem. Key focus areas in the existing policies will be to include bring uniform taxation, advertising norms and expand on customer protection guidelines”.
Recently the exchanges came under scanner of tax officials for non-payment of goods and services tax.