Internet and Mobile Association of India (IAMAI), the industry body for the digital services industry has announced that it will be setting up a formal board comprising of lawyers, technical specialists and fintech compliance specialists under its Blockchain and Crypto Assets Council, to monitor and ensure compliance of its soon to be announced self-regulatory code of conduct for crypto exchanges.
The code of conduct will enumerate the KYC norms, Anti Money-Laundering Rules, taxation, foreign exchange and other norms to be followed by crypto exchanges while conducting their operations in India.
The association also said that while applying best practices through the code, the endeavour should be to have a proper regulatory framework through a legislation passed by parliament at the earliest.
IAMAI has not clarified further details and contours about the proposed self-regulation code, the crypto exchanges who have signed up for the framework and timeframe by which the code would be brought into effect.
The industry body added that the recent clarification by RBI will put to rest all speculations and rumours that banks are stopping transactions from 6th June, 2021.
It may be noted that IAMAI is at the forefront of advocating for encouragement and support for the cryptocurrency industry and was the lead petitioner in the landmark Supreme Court case that lead to the March 2020 order quashing the 2018 RBI circular barring banks and financial institutions from allowing or facilitating crypto transactions.
In the past, IAMAI has also actively framed guidelines for OTT platforms and online gaming platforms.