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.
India does not have 10 crore people in crypto. Someone published an incorrect random number and now other parts of the media is picking it up.— Nischal (WazirX) ⚡️ (@NischalShetty) October 26, 2021
About 2 crore is a conservative number for the total number of people in crypto in India ✌️
“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.