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).

Sumit Gupta, Founder, CoinDCX

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.

Ashish Singhal, Founder & CEO, CoinSwitch Kuber

“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.