Top Crypto Bourse to Join Forces with India Tech for Govt Regulation

Top Indian cryptocurrency exchanges are in the final stages of joining Indian Tech, an industry association representing consumer internet startups, unicorns and investors, according to several industries, approach could help raise awareness and push regulators to quickly establish a framework for crypt.

The association seeks to lobby the government to regulate crypt assets in India. India Tech represents India’s leading consumer internet startups such as Dream Sports, Ola Electric stead view capital and falcon Edge.

Crypt exchange ZebPay said it would join the association.

A senior executive at another crypt exchange, who did not wish to be named, also said the company was in the final stages of becoming an India Tech member.

Senior executives at quite a few other crypt exchanges also said they were considering the proposal, they however, added that their work with the Block chain and crypt Assets Council (BACC), part of the Internet and Mobile Association of India (IAMAI), would continue.

“It all about trying from different bodies and seeing what work” said one executive who is considering the proposal to join India Tech. “There’s unlikely to be a single regulator anyway, so we’re just trying to do different thing to see what works”.

Owing to regulatory uncertainty, overdrive to make their pitch to the government, banks and regulatory bodies. India Tech, which has helped local startup on several issues with regulators and the government, last months published a white paper proposing a comprehensive framework to provide regulatory clarity on crypt assets and exchanges in India.

The white paper received global attention and helped move the narrative on crypt in chief executive Rameesh Kailasam.

“The exchanges liked the approach we took to address the issues” said Kailasam. “There is a desire to be a part of India Tech because we have significantly moved the needle in the past few months on the narrative and perception of this industry.” A senior executive at a crypt exchange said there had been “on significant breakthrough” yet. “Ultimately this effort is going to need a combination of the white paper, the code of conduct and other things.”

All leading crypt exchanges, including WazirX, CoinDCX, ZePay and Coin Switch Kuber are currently part oa BACC. S-ET

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