CoinSwitch Kuber, CoinDCX founders join IAMAI’s Crypto Council as cochairs

New Delhi: CoinSwitch Kuber’s cofounder Ashish Singhal and Sumit Gupta of CoinDCX have been appointed co-chairs of the Blockchain and Crypto Assets Council (BACC), an industry body under the Internet and Mobile Association of India (IAMAI).

BACC members include cryptocurrency exchanges that are signatories of a self-regulatory code of conduct, which ensures their compliance with regulatory guidelines for operating in India. CoinDCX and CoinSwitch Kuber are among the largest crypto platforms in the country, both valued at over a billion dollars each.

In their role as co-chairs, Singhal and Gupta will be primarily responsible for the growth of the crypto industry in India — both from companies and consumer perspectives. 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.”

According to Gupta, India today ranks second globally in terms of percentage of crypto ownership. “The interest and confidence in the new-age asset class will increase as more and more people understand its potential,” he said.