India’s cryptocurrency industry draws legitimacy plan

India’s nascent cryptocurrency industry will overall and standardize exposure and compliance mechanisms in a bid to establish itself as a legitimate business according to legacy financial players.

The effort gathered pace after the Reserve Bank of India (RBI) made it clear banks should not apply its April 2018 round struck somewhere near the Supreme Court in 2020 to punish clients for dealing in cryptographic forms of money.

India’s leading cryptocurrency, including WazirX, CoinDCX and CoinSwitch Kuber, have joined forces with the Internet and Mobile Association of India (IAMAI) to set up a warning board to carry out a set of principles for the business, individuals aware of the matter told ET. The board will be set under the Blockchain and Crypto Assets Council (BACC), part of IAMAI, and will go about as a self-regulatory association for the sector.

The code, underway since a year ago, will be applicable to all member cryptocurrency exchanges.