IAMAI dissolves Blockchain and Crypto Assets Council, to no longer represent crypto exchanges

• Internet and Mobile Association of India (IAMAI) has disbanded Blockchain and Crypto Assets Council (BACC).
  
  
• BACC was the only crypto organization in India representing crypto exchanges.
  
  
• Top crypto exchanges of India CoinDCX, Unocoin, Zebpay, WazirX and Paxful were members.
  

Industry body Internet and Mobile Association of India (IAMAI) said today that it has dissolved the Blockchain and Crypto Assets Council (BACC) and will cease to represent the industry.

BACC was created four years ago by IAMAI, to resolve uncertain regulatory issues. It has been representing crypto exchanges like CoinDCX, Unocoin, Zebpay, WazirX and Paxful.

“A lot of good work was done by BACC. However while individual players are doing a good job, they could not really come together as an industry body. Many current crypto exchanges were not even part of BACC when it was born. BACC being part of IAMAI created a twin power structure. Imagine answering to two board of directors. It becomes confusing,” said Ajeet Khurana who was the head of BACC and the former CEO of Zebpay.

However, he now believes that crypto needs its own industry body.

IAMAI emphasized that it would like to utilize its limited resources for other emerging digital sectors. The members of BACC were informed of the decision in a meeting held on July 14.

Members were also advised that IAMAI will continue to support activities of the BACC till the end of the month to ensure smooth and proper transition and closure of ongoing projects.

“Our stated belief as an industry has always been to have sustainable dialogue with regulators and stakeholders and address concerns for progressive regulations. As an industry we will continue to positively engage with all stakeholders and continue to build emerging tech including Web 3.0,” said Ashish Singhal and Sumit Gupta, chair and co-chair of BACC, in a joint statement.