HomeLegal & RegulationIAMAI onboards CoinSwitch and CoinDCX co-founders as co-chairs of BACC

IAMAI onboards CoinSwitch and CoinDCX co-founders as co-chairs of BACC

The Blockchain and Crypto Assets Council (BACC), forming part of the Internet & Mobile Association of India (IAMAI), has appointed CoinSwitch founder and CEO Ashish Singhal and CoinDCX co-founder and CEO Sumit Gupta as its co-chairs. CoinDCX and CoinSwitch have recently attained unicorn status.

BACC, set up in June has cryptocurrency exchanges that are signatories of a self-regulatory code of conduct as members. In their role as co-chairs, the unicorn CEOs will be primarily responsible for the growth of the crypto industry in India — both from companies and consumer safeguards. India has seen an exponential rise in the adoption of cryptocurrency with more than 1.5 crore citizens holding crypto assets, according to a statement issued on Friday.

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 quoted as saying in the statement. “We believe that a progressive regulatory framework will foster innovation in financial offerings and bring financial well-being to every Indian.”

The interest and confidence in the new-age asset class will increase as more and more people understand its potential,” Gupta was quoted in a statement.

The Indian crypto industry has emerged as one of the busiest in terms of deal-making in the year 2021. The total risk funding in domestic crypto and blockchain startups shot up to $587.16 Mn as of October 17 this year, compared to $37 Mn in the previous year.


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