Crypto Exchanges may Tweak Code of Conduct as Bill Lags

Indian cryptocurrency exchanges are mulling updates to their self-regulatory code of conduct to avoid run-ins with regulators. The move comes amid heightened scrutiny of the sector from regulatory bodies, including the income tax department, enforcement directorate, and others. ET reported on Monday that the government may delay tabling the Cryptocurrency Bill in the upcoming Budget session of Parliament as it wants to hold more discussions and build consensus on a regulatory framework for the nascent sector.

Leading cryptocurrency firms such as WazirX, CoinDCX and CoinSwitch Kuber, as well as other members of the Blockchain and Crypto Assets Council (BACC), are working to update the ‘Code of Conduct (COC)’, sources aware of the matter told ET. On Monday, Prime Minister Narendra Modi called for global corporations to regulate the fast- growing industry at the World Economic Forum’s Davos Agenda 2022 virtual event.

IAMAI and BACC did not respond to ET’s queries seeking comment.

Crypto- selling platforms may add warnings and appropriate banners that highlight the volatile nature of the industry while onboarding new customers on their platform, a person familiar with the discussions said.

Discussions are also on to appoint a tax expert from one of the Big Four audit firms to conduct an audit and tax compliance strategies to members.

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