Amid ongoing speculation over the regulatory status of cryptocurrencies in India, crypto exchanges in the country have partnered with the Internet and Mobile Association of India to form a self-regulatory body.
Fast Facts:
- The new body is comprised of Indian exchanges WazirX, CoinDCX, CoinSwitch Kuber and ZebPay, and will form a new regulatory board under the Blockchain and Crypto Assets Council, part of IAMAI.
- The self-regulatory code will focus on anti-money laundering, combating the financing of terrorism and know-your-customer requirements, and ensure compliance with the existing Prevention of Money Laundering Act and Foreign Exchange Management Act.
- India’s crypto industry has been in a state of uncertainty, with parliamentary efforts to impose further regulation failing to pass recently, despite strong apparent support. The country’s reserve bank also issued a circular recently, reminding the finance sector that its attempted ban on banks offering services linked to crypto had been overturned by the Supreme Court in March 2020.