CoinSwitch Kuber’s cofounder Ashish Singhal and Sumit Gupta of CoinDCX have been elected as co-chairs of the Blockchain and Crypto Assets Council (BACC), professional management under the Internet and Mobile Association of India (IAMAI).
BACC members incorporate cryptocurrency exchanges that are signatories of a self-regulatory code of conduct, assuring assent with regulative guidelines for running in India. CoinDCX and CoinSwitch Kuber are among the most powerful crypto platforms in the country, assessed at over a billion dollars each.
In their position as co-chairs, Singhal and Gupta will be principally responsible for the growth, expansion and magnification of the crypto industry in India — both from companies and consumer perspectives. As per a statement issued on Friday, India has seen a vigorous rise in cryptocurrency adoption, with more than 1.5 crore citizens enduring crypto assets.
“The (crypto) industry is working closely with regulators and policymakers to build a prosperous and secure crypto environment to put India on the global crypto map,” Singhal was cited as stating in the statement. “We believe that a progressive regulatory framework will foster innovation in financial offerings and bring financial well-being to every Indian.”
As stated by Gupta, India today ranks second globally in terms of the percentage of crypto purchasing. “The interest and confidence in the new-age asset class will increase as more and more people understand its potential,” he remarked.