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<ul><li>Internet and Mobile Association of <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword> (<keyword id="149966" type="General" weightage="100" keywordseo="iamai" source="Orion">IAMAI</keyword>) has disbanded <keyword id="6355684" type="General" weightage="50" keywordseo="blockchain" source="Orion">Blockchain</keyword> and <keyword id="12050963" type="General" weightage="50" keywordseo="crypto-assets-council" source="Orion">Crypto Assets Council</keyword> (<keyword id="1771871" type="General" weightage="80" keywordseo="bacc" source="Orion">BACC</keyword>). </li><li>BACC was the only crypto organization in India representing crypto exchanges. </li><li>Top crypto exchanges of India CoinDCX, Unocoin, <keyword id="2761019" type="General" weightage="50" keywordseo="zebpay" source="Orion">Zebpay</keyword>, WazirX and Paxful were members. </li></ul>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 <keyword id="2715428" type="General" weightage="50" keywordseo="ajeet-khurana" source="Orion">Ajeet Khurana</keyword> 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 <keyword id="208535" type="General" weightage="50" keywordseo="sumit-gupta" source="Orion">Sumit Gupta</keyword>, chair and co-chair of BACC, in a joint statement.

IAMAI dissolves Blockchain and Crypto Assets Council, to no longer represent crypto exchanges

<ul><li><keyword id="2193792" type="PERSON" weightage="20" keywordseo="Dr-Gulshan-Rai">Dr Gulshan Rai</keyword> is India’s first and former cybersecurity coordinator. </li><li>He has been appointed as the <keyword id="11719073" type="UNKNOWN" weightage="20" keywordseo="Blockchain-and-Crypto-Assets-Council">Blockchain and Crypto Assets Council</keyword>'s (BACC) Advisory Board Member.</li></ul>The Blockchain and Crypto Assets Council (BACC), an industry body formed under the aegis of the Fintech Convergence Council of the <keyword id="128625" type="ORGANIZATION" weightage="20" keywordseo="Internet-and-Mobile-Association-of-India">Internet and Mobile Association of India</keyword> (IAMAI), has announced the appointment of Dr Gulshan Rai, India’s first and former cybersecurity coordinator, as its Advisory Board Member. Dr Rai is also serving as a distinguished fellow, ORF. Dr Rai has over 30 years of experience in information technology, including e-governance, cybersecurity, and cyber laws. He played an instrumental role in drafting national policies on cyber laws and cyber security. He represented the country in various internet governance and cybersecurity discussions. He had held several key positions under the Government of India. Dr Rai had served as the Director-General, CERT-in (Indian Computer Emergency Response Team), Ministry of Communications and Information Technology and Executive Director, ERNET India. He was also the group coordinator, e-security and cyber law division, Ministry of Communications and Information Technology, Government of India. Commenting on his appointment, Naveen Surya, Advisory Board Member, <keyword id="11779374" type="UNKNOWN" weightage="20" keywordseo="iamai-bacc">IAMAI-BACC</keyword>, said: “It’s a privilege and a proud moment for us to have Dr Rai on board. His vast experience will help shape BACC further and lay a very strong and secure foundation for this innovative industry. It’s an impetus for the industry, which is at a nascent stage but has bigger dreams. We feel privileged that Dr Rai’s rich experience will be tremendously beneficial for the council and continue to drive the industry in the right direction.” Dr Rai said: “I am extremely delighted to be an Advisory Board member of IAMAI-BACC. The council is playing an active role in paving the way for blockchain and crypto in the country in an appropriate manner. I am keen to share my contribution to the industry and excited to do my bit for the betterment and growth of our nation.” The Blockchain and Crypto Assets Council (BACC) is an industry body formed under the aegis of the Fintech Convergence Council of IAMAI to represent the crypto industry in India. BACC has been supporting the crypto industry since 2017. It was formed with the vision of doing public advocacy for the industry, to increase awareness about crypto and provide industry guidance. All major crypto exchanges are members of this industry body.

IAMAI-BACC appoints India’s first cyber security coordinator Dr Gulshan Rai as its Advisory Board Member

<ul><li>India's leading crypto exchanges <keyword id="6672551" type="UNKNOWN" weightage="20" keywordseo="wazirx">WazirX</keyword>, <keyword id="2761019" type="PERSON" weightage="20" keywordseo="Zebpay">ZebPay</keyword>, Unocoin, CoinDCX, and CoinSwitch Kuber, have joined hands with India's Internet and Mobile Association (IAMAI).</li><li>The new board shall be responsible for overviewing compliance of crypto exchanges with the set self-regulatory guidelines.</li><li>In parallel, IAMAI has also suggested that the government should regulate crypto assets through a parliament act.</li></ul>The cryptocurrency world has always been about decentralisation, and lack of control is one of its prime selling points. However, the industry is gradually maturing and has reached a critical point -- how do you gain investor confidence in an industry that makes headlines for the immense volatility. While governments globally try to understand the blockchain as a technology, <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">crypto exchanges</a> are wasting no time finding solid ground of their own. One way to achieve recognition and legitimacy, would be to establish some ground rules on par with traditional stock exchanges. India's leading crypto exchanges WazirX, ZebPay, Unocoin, CoinDCX, and CoinSwitch Kuber, have <a href="http://www.businessworld.in/article/IAMAI-BACC-Sets-Up-Self-Regulatory-Code-Of-Conduct-For-Crypto-Exchanges/02-06-2021-391656/">joined hands </a>with India's Internet and Mobile Association (IAMAI). The plan is to create a new board under the Blockchain and Crypto Assets Council (BACC), a part of IAMAI. This board shall be responsible for overviewing compliance for crypto exchanges with the set self-regulatory guidelines. The industry body already represents all major mobile and internet service providers, ranging from software makers like Adobe to streaming sites like Netflix. The formal board shall consist of eminent jurists, technical specialists, and fintech compliance specialists who'll oversee the application of a self-regulatory code. BACC has asked the government to implement regulations for crypto assets through the parliament, but it's on its own until that happens. The self-regulatory code, which is already in place, focuses on AML (Anti-Money Laundering), CFT (Combating the Financing of Terrorism), PMLA (Prevention of Money Laundering Act), and FEMA (Foreign Exchange Management Act). The board will also liaison between the RBI and crypto exchanges to report suspicious transactions or anomalies. "The IAMAI-BACC believes that such checks are necessary and must be carried out. On its part, the crypto exchange members of the association have set up a self-regulatory code of conduct for its members. Parallelly, IAMAI has also suggested that the government should regulate crypto assets through an act of parliament," it said. According to <a href="https://twitter.com/NischalShetty/status/1395955199529811974">Nischal Shetty</a>, CEO of WazirX, there are close to 1.5 crore crypto investors in India, with more than 15,000 crores in total investments. It isn't the first time IAMAI has opted for self-regulation since it also looks after OTT (over the top) content moderation and censorship. These include a modified grievance redressal mechanism, eliminating a stifling 'prohibited content' list, and penalties for violating the code. The industry body also welcomed the Reserve Bank of India's advice to banks against using its <a href="https://www.businessinsider.in/cryptocurrency/news/rbi-2018-cryptocurrency-circular-not-[%E2%80%A6]-say-deposits-should-resume-soon/articleshow/83117245.cms">2018 circular</a> that called for the non-acceptance of <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">cryptocurrency</a> transactions of customers. It's much needed good news for the crypto community, which has keenly observed the government's stance. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/huawei-announces-first-devices-with-harmonyos-set-to-take-on-apple-and-google-with-its-in-house-operating-system/articleshow/83195689.cms">Huawei announces first devices with HarmonyOS — set to take on Apple and Google with its in-house operating system</a> <a href="https://www.businessinsider.in/tech/mobile/news/oneplus-nord-ce-5g-mobile-phone-full-specifications-leaked-days-ahead-of-launch/articleshow/83195375.cms">OnePlus Nord CE 5G full specifications leaked days ahead of launch – heavily inspired by the original Nord</a> <a href="https://www.businessinsider.in/business/startups/news/top-five-fintech-ideas-that-are-drawing-the-most-amount-of-money/slidelist/83194276.cms">Five fintech ideas that are raking in the most amount of money</a>

Indian crypto exchanges are setting up their own self-regulation board even as the government mulls over new legislation

<ul><li>India’s Parliamentary Standing Committee on Finance has listed a meeting with the leading crypto players in India on its agenda for Monday, November 15.</li><li>This includes representatives from crypto exchanges like WazirX, CoinDCX, Coinswitch Kuber and others.</li><li>As reported earlier, India is looking at taking a softer stance on cryptocurrencies amid growing crypto investors and increasing blockchain adoption.</li><li>Rather than ban the crypto industry outright, like China, India is likely to go down the regulation route with a new crypto law expected to be tabled during the ‘Budget Session’ of Parliament in February 2022.</li></ul>Representatives from Indian crypto exchanges like WazirX, Coinswitch Kuber, CoinDCX and others are scheduled to meet with the Indian government today to discuss the way forward for cryptocurrency regulation in country today, November 15. The lower house of parliament (Lok Sabha) has <a href="http://164.100.47.193/lsscommittee/Finance/Meeting_notice/NOTICE_21-22%20(1).pdf">listed</a> the meeting as “Hearing of the views of associations, industry experts on the subject of ‘CryptoFinance’: Opportunities and challenges,” to be hosted by the Parliamentary Standing Committee on Finance. The Indian government is looking to take a <a href="https://www.businessinsider.in/cryptocurrency/news/indias-crypto-bill-will-still-have-a-few-hurdles-to-clear-before-becoming-a-law-even-if-the-cabinet-approves/articleshow/85397358.cms">softer stance</a> on cryptocurrencies with the burgeoning number of investors in the country, more crypto companies coming in and the growing adoption of blockchain technology. And, this will be its first-ever ‘official’ meeting with the top stakeholders in the country. Invited are the members of the India Internet and Mobile Association (IAMAI) Blockchain and Crypto Assets Council (<a href="https://www.businessinsider.in/cryptocurrency/news/wazirx-zebpay-crypto-and-others-are-setting-up-their-own-self-regulation-board-in-india/articleshow/83203195.cms">BACC</a>). BACC’s board is responsible for overviewing compliance for crypto exchanges with a set of self-regulatory guidelines which prevent against money laundering, terrorism financing, and other illicit activities. It’s not that these players haven’t been in conversation with the government in the past but that has mostly been <a href="https://forum.businessinsider.in/t/indias-new-laws-for-cryptocurrency-are-not-going-to-be-up-for-discussion-in-july/207">off-the-record</a>. This time around, the committee led by Lok Sabha member and junior minister of finance, Jayant Sinha has reportedly sent across a list of questions for BACC members to address, according to the <a href="https://economictimes.indiatimes.com/tech/technology/parliamentary-panel-to-meet-crypto-stakeholders/articleshow/87637142.cms">Economic Times</a>, <cmsannotation type="cmsannotation" annotationid="Why is the government asking India’s top crypto players?" comment="subhead" text="Why is the government asking India’s top crypto players?">Why is the government asking India’s top crypto players?</cmsannotation> The Indian government's change in stance, from wanting to ban cryptocurrencies back in February and now looking into the possibility of coexistence, has it asking crypto players, “Ask not what your country can do for you, ask what you can do for your country.” Sources told the Economic Times that the government is looking for answers to questions like the potential of the crypto industry’s to India’s digital ambition and its economy and its impact on the Indian rupee. It’s a big step to take amid repeated warnings from the Reserve Bank of India (RBI) over the past year on the ‘<a href="https://www.businessinsider.in/cryptocurrency/news/rbi-finally-explains-its-problem-with-cryptocurrencies-and-why-cbdcs-are-safer/articleshow/84666785.cms">grave concerns</a>’ it has with respect to cryptocurrencies. The central bank <a href="https://www.businessinsider.in/crypto-angadias-rbis-crypto-ban-might-incentivise-human-tellers-for-cryptocurrency-transactions/articleshow/63644805.cms">banned</a> cryptocurrencies altogether back in 2018 but the decision was overturned by the Supreme Court for being ‘<a href="https://www.businessinsider.in/finance/news/cryptocurrency-trading-can-restart-in-india-after-top-court-removes-rbi-ban-calling-it-unconstitutional/articleshow/74470872.cms">unconstitutional</a>’. <div type="ExtQuote" text="“Let me reiterate that cryptocurrencies are a very serious concern as far as the RBI is concerned and we have a serious concern from the point of view of macro-economic and financial stability.&quot;" auname="RBI governor, Shaktikantha Das, during a Business Standard event on November 10"></div> Despite the apex court’s ruling, banks in India continue to <a href="https://www.businessinsider.in/cryptocurrency/news/indias-banks-started-withdrawing-services-from-crypto-exchanges-earlier-this-month/articleshow/83109454.cms">remain wary</a> of the crypto industry, and a few continue to <a href="https://www.businessinsider.in/policy/news/cryptocurrencies-fight-to-survive-in-india-even-as-rbi-claims-theres-no-ban/articleshow/73483085.cms">refrain</a> from letting their customers transfer funds to crypto exchanges. The meeting is reportedly set to pave the way for crypto regulation in India, likely to be tabled during the February ‘Budget Session’ of Parliament in 2022. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/telos-is-hedging-against-crypto-bear-market-with-fresh-investment-from-its-first-ever-marquee-investors/articleshow/87597875.cms">Telos is hedging against a possible ‘prolonged bear market’ with fresh investment from its first-ever marquee investors</a> <a href="https://www.businessinsider.in/cryptocurrency/news/what-is-bitcoin-taproot-upgrade-promise-of-privacy-smart-contracts-and-cheaper-transactions/articleshow/87587315.cms">Bitcoin is set to get an upgrade after four years — it promises more privacy and better smart contracts</a>

Crypto players in India to meet with  government today to give inputs on the potential of cryptocurrencies in the country and its impact

<ul><li>Indian <keyword id="6357017" type="General" weightage="20" keywordseo="cryptocurrency" source="Orion">cryptocurrency</keyword> exchange <keyword id="6672551" type="General" weightage="20" keywordseo="wazirx" source="Orion">WazirX</keyword> recieved 377 requests from law enforcement agencies, both Indian and foreign, in the past six months.</li><li>Since April 2021, 14,469 accounts have been locked, including the 377 pertaining to criminal activity.</li><li>WazirX also reiterated its stance on how cryptocurrencies are not a replacement for fiat currencies, like the rupee.</li></ul>Indian cryptocurrency exchange, WazirX, received 377 requests for information from law enforcement agencies between April to September 2021. According to the company’s October Transparency Report, it has complied with all of them. <div type="ExtQuote" text="&quot;All law enforcement queries appear to be related to criminal proceedings, such as fraud, kidnapping and narcotics-related queries.&quot;" auname="Excerpt from WazirX’s Transparency Report dated October 11"></div> Overall, 14,469 accounts that have been locked since April 2021, 90% of them include both law enforcement agency-related requests, and others remain P2P or other user disputes which are “very common,” according to the company’s spokesperson. <cmsannotation type="cmsannotation" annotationid="wazirx" comment="wazirx" text="wazirx">wazirx</cmsannotation> The report, as well as the guidelines it highlights like know-your-customer compliance and investor education, comes at a time when India is in the throes of forming its own cryptocurrency regulation. <keyword id="2721952" type="General" weightage="20" keywordseo="crypto" source="Orion">Crypto</keyword>currency exchanges in India, like WazirX, have been partnering up under the umbrella of advocacy groups like the Internet and Mobile Association of India’s (IAMAI) Blockchain and Crypto Assets Council (BACC) and IndiaTech to push for self regulation. <div type="ExtQuote" text="&quot;Initiatives such as the transparency report add credibility to the ecosystem and make the crypto world look more appealing to outsiders. We aim to look at the bigger goals like positive regulations and consider ourselves paving the way to it through innovative approaches.”" auname="Statement by Nischal Shetty, CEO and founder of WazirX"></div> <cmsannotation type="cmsannotation" annotationid="WazirX maintains that cryptocurrencies are not meant to replace the rupee" comment="subhead" text="WazirX maintains that cryptocurrencies are not meant to replace the rupee">WazirX maintains that cryptocurrencies are not meant to replace the rupee</cmsannotation> The company’s transparency report, the first of its kind around cryptocurrencies in India, iterates that WazirX does not consider cryptocurrencies, Bitcoin or otherwise, to be a replacement for fiat currencies. “Crypto is an asset class and a utility on decentralised networks.” it said in the October Transparency Report. Simply put, while WazirX agrees that cryptocurrencies are essential for the ecosystem — one needs Ether to use any Ethereum application — it’s not a substitute for the rupee. Other aspects of the report include the importance of transparency, mechanisms in place to monitor for illicit activity, investor protection, and crypto education in India. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/crypto-hackers-now-target-iphone-users-via-dating-apps-like-bumble-tinder/articleshow/87105010.cms">Crypto hackers now target iPhone users via dating apps like Bumble, Tinder</a> <a href="https://www.businessinsider.in/cryptocurrency/news/bitcoin-marches-past-62000-as-uptober-continues/slidelist/87099389.cms">Bitcoin marches past $62,000 as ‘Uptober’ continues</a>

WazirX got 377 requests from law enforcement agencies in the last 6 months

With an aim to reign in cryptocurrency ads promising wild returns, Spain has now joined countries like Singapore and India, stressing that the advertising of crypto-assets must be clear, balanced, fair and explain risks to the public. Spain's National Securities Market Commission has issued new guidelines, to come into force from February 17, that mandates the following warning to be placed on all <keyword id="12386484" type="General" weightage="20" keywordseo="crypto-ads" source="Orion">crypto ads</keyword>: "Investments in crypto-assets are not regulated. They may not be appropriate for retail investors and the full amount invested may be lost". The aim, said the Spanish watchdog, is to ensure that the advertising of the products offers true, understandable and non-misleading content, and includes a prominent warning of the associated risks. "This is particularly relevant in the field of crypto-assets as the absence of a complete regulation is a challenge for investor protection," it said in a statement late on Monday. The new Circular is applicable to crypto-asset service providers when they carry on these advertising activities. Earlier, Singapore warned cryptocurrency and digital token providers not to promote or advertise their digital tokens via various media platforms to the general public. In new guidelines, the Monetary Authority of Singapore (MAS) said that digital payment token (DPT or more commonly known as cryptocurrency) service providers should not promote their DPT services to the general public in Singapore. The new guidelines also apply to banks and payment institutions that offer such services. These will further be expanded to include the transfer of <keyword id="2420795" type="General" weightage="20" keywordseo="cryptocurrencies" source="Orion">cryptocurrencies</keyword> and provision of wallet services. "The trading of cryptocurrencies is highly risky and not suitable for the general public. DPT service providers should therefore not portray the trading of DPTs in a manner that trivialises the high risks of trading in DPTs, nor engage in marketing activities that target the general public," said Loo Siew Yee, MAS Assistant Managing Director (Policy, Payments and Financial Crime). The authority warned that trading cryptocurrencies is "highly risky" and not suitable for the general public, as the prices of crypto are subject to sharp speculative swings. The Indian government in November last year raised concerns over crypto ads promising wild returns. Indian crypto players bombarded the public with advertisements across platforms -- doubling down on their marketing spend when the cryptocurrencies are yet to be accepted as legal tender and lack legal framework and regulatory norms in the country. An advertisement by the Blockchain and <keyword id="6368079" type="General" weightage="20" keywordseo="crypto-assets" source="Orion">Crypto Assets</keyword> Council (BACC), a part of the Internet and Mobile Association of India (IAMAI) with industry players like CoinSwitch Kuber, CoinDCX, WazirX and Zebpay on board, had claimed that crores of Indians have invested over Rs 6 lakh crore in crypto assets to date. Meanwhile, the much-awaited 'Cryptocurrency and Regulation of Official Digital Currency Bill, 2021', did not make it to the table during the Winter Session of Parliament amid growing concerns over the misuse of digital coins on the Dark Web for terror acts and drugs trafficking by militant organisations, and for money laundering and hawala-based transactions. Prime Minister Narendra Modi had said that all democratic countries need to work together on cryptocurrency and ensure that it does not end up in the wrong hands. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/investment/news/coindcx-hiring-2000-plus-people-this-year-crypto-coders-developers-product-development-and-other-roles/articleshow/88972086.cms">EXCLUSIVE: CoinDCX plans to hire more than 2,000 people this year — and they are not just looking at coders</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/investment/news/uk-government-will-toughen-regulation-on-misleading-crypto-ads-after-a-record-number-of-campaigns-flood-london/articleshow/88981247.cms">UK government will toughen regulation on ‘misleading’ crypto ads after a record number of campaigns flood London</a>

Spain joins countries like India to keep crypto companies from promising wild returns in ads

<ul><li><keyword id="6422582" type="UNKNOWN" weightage="20" keywordseo="Crypto-Exchanges">Crypto exchanges</keyword> in India are looking to form a new lobby and push for self-regulation.</li><li>This new coalition will be formed under IndiaTech, an industry body that represents other startups like Ola, MakeMyTrip, and Dream11.</li><li>Zebpay has confirmed its participation and other <keyword id="2721952" type="PERSON" weightage="20" keywordseo="crypto">crypto</keyword> exchanges are reportedly mulling it over.</li></ul>Crypto exchanges are joining hands to create a new lobby in India as regulatory uncertainty still looms overhead. And, this new lobby will be under the umbrella of IndiaTech — an industry body representing the country's leading internet startups like Ola, MakeMyTrip, Nykaa, Dream11, and more. <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">Crypto exchange</a> ZebPay has already confirmed its plans to join IndiaTech while other exchanges are still mulling it over, according to the <a href="https://economictimes.indiatimes.com/tech/technology/top-crypto-exchanges-plan-multi-pronged-push-for-regulation/articleshow/83716658.cms">Economic Times.</a> The new lobby won’t replace the work already being done with the Internet and Mobile Association of India (IAMAI), but be another avenue for these nascent companies to make their case to the Indian government, banks and other regulatory authorities. CoinDCX, a competing crypto exchange, is already a ‘standard member’ of IndiaTech. Self-regulation may buy crypto exchanges sometime Regulating an industry like crypto is not a straightforward task. Intricate details of new legislation can take months or even years to be prepared. India’s <a href="https://www.businessinsider.in/tech/news/indias-new-data-protection-bill-makes-a-good-show-of-user-rights-but-can-it-deliver-on-its-promises/articleshow/81422687.cms">Personal Data Protection Bill</a> has been stuck in the pipeline for three years as concerns over data usage and privacy have continued to escalate. In uncertain circumstances, the government has opted for a unique approach to address its issues with self-regulation. With this, the government not only looks like it’s taken a stance against what it believes to be against the law, but it has also passed the buck onto the organisations themselves to stay in line. For instance, over-the-top (OTT) players like Netflix and Prime Video were asked to <a href="https://www.businessinsider.in/policy/news/self-regulation-code-adopted-by-disney-hotstar-amazon-prime-and-other-ott-platforms-what-is-this-code/articleshow/78009955.cms">self-censor the content</a> back in 2019. This bought them two years. Come 2021, the government issued the <a href="https://www.businessinsider.in/tech/news/indias-new-rules-for-ott-platforms-could-lead-an-increase-in-content-related-disputes/articleshow/81306652.cms">new IT Rules</a> that may solve grievance redressals but brings up issues of content-related disputes. Following the same strategy, IndiaTech introduced a <a href="https://www.indiatech.org/wp-content/uploads/2021/05/IndiaTech.org_Crypto_Policy_Proposal_2021.pdf">whitepaper</a> in May 2021, proposing a five-point framework to regulate or monitor the industry. <h2 style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;">A new avenue to show the Indian government that crypto exchanges are serious about regulation</h2> Leading crypto exchanges in the country have also <a href="https://www.businessinsider.in/cryptocurrency/news/wazirx-zebpay-crypto-and-others-are-setting-up-their-own-self-regulation-board-in-india/articleshow/83203195.cms">created</a> a new industry body called the Blockchain and Crypto Assets Council (BACC) under the aegis of IAMAI. These companies, which include Zebay, WazirX, and others have created self-regulating guidelines for money laundering, financial terrorism, and foreign exchange blunders. Until the government finds a solid regulatory body or framework, the self-imposed rules can help ease friction. Crypto exchanges and many experts have urged the government to consider <a href="https://www.businessinsider.in/cryptocurrency/news/bitcoin-classification-in-india-as-asset-may-not-solve-regulation-problem/articleshow/83434444.cms">cryptocurrencies as an asset class</a>, removing any doubt that it could potentially affect the country's fiat currency -- the rupee. At the same time, crypto exchanges are in overtime mode, reaching out to the government, banks, financial institutions, and more to seek acceptance and make way for a crypto future. <h2 style="line-height:1.38;margin-top:18pt;margin-bottom:6pt;">Uber, Ola, Dream11 and others went through similar hurdles</h2>India is infamous for its bureaucracy and red tape, a hurdle that every startup on the cusp of innovation has had to deal with. <a href="https://www.businessinsider.in/business/startups/news/uber-and-ola-are-not-acting-as-a-cartel-says-india-supreme-court/articleshow/79751539.cms">Uber and Ola</a> faced a hard time getting legal protection or approval. The entire country was under the control of cab mafias and unions that restricted a free market-like play. A considerable amount of dialogue and convincing was required to make cab-hailing services the new norm. Similarly, Dream11 faced a <a href="https://www.businessinsider.in/dream-11-gets-a-big-boost-from-bombay-hc-verdict/articleshow/69858772.cms">unique challenge</a> of operating its business since betting is considered illegal in the country. How do you pitch fantasy sports and their prediction as not ‘gambling’? The company defended its model by saying users require skills to make informed or correct decisions, improving their winning chances. In line with the stock market, it's a healthy mix of fundamental knowledge and market-based speculation. Today, a plethora of players like MPL, CricPlay, and more are leading the segment. And, <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">crypto exchanges</a> want to paint a picture of being like any of these other startups by associating themselves with IndiaTech. Just as these other services were too unique to be judged from the top, crypto exchanges too are merely ahead of their time. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/citymall-a-startup-that-helps-budding-entrepreneurs-start-their-ventures-on-whatsapp-has-raised-over-22-million/articleshow/83741383.cms">CityMall, a startup that helps budding entrepreneurs start their ventures on WhatsApp, has raised over $22 million</a> <a href="https://www.businessinsider.in/cryptocurrency/news/investments-in-crypto-hit-17-billion-in-the-first-six-months-of-2021/articleshow/83740327.cms">Investments in crypto hit a new record of $17 billion, but Indian funds are yet to jump on the bandwagon</a> <a href="https://www.businessinsider.in/business/ecommerce/news/flipkart-and-amazon-may-not-be-able-to-do-flash-sales/articleshow/83737670.cms">Amazon, Flipkart and other e-commerce platforms may not be able to do flash sales any more, if Indian government has its way</a>

There’s a new Indian crypto lobby in the making and Zebpay has confirmed its participation

<ul><li><keyword id="11148714" type="UNKNOWN" weightage="20" keywordseo="Crypto-Regulations">Crypto regulations</keyword> in India have been unclear, to say the least, but a concrete direction is expected later this year.</li><li>An RBI circular from 2018 was struck down by the country’s Supreme Court in March last year.</li><li>India has been working on a “calibrated” approach towards crypto, its finance minister had said.</li></ul>India’s <keyword id="6357149" type="COMPANY" weightage="20" keywordseo="hdfc-bank">HDFC Bank</keyword> retracted an email sent to customers late last week, which warned them about dealing in <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">cryptocurrency</a> transactions. The company had sent an email over the last weekend, which cited a 2018 order from the Reserve Bank of India (RBI) — the country’s central bank — to essentially say that cryptocurrency transactions are illegal in India. However, the central bank later clarified, on May 31, that the 2018 circular had been struck down by the Supreme Court of India (SC) and can’t be cited. “As such, in view of the order of the Hon’ble Supreme Court, the circular is no longer valid from the date of the Supreme Court judgement, and therefore cannot be cited or quoted from,” the RBI had said in its <a href="https://rbidocs.rbi.org.in/rdocs/notification/PDFs/45VIRTUALCURRENCIES37FE644EF97F4A36AAB951C73A411E96.PDF">circular</a>. Post this clarification coming in from the RBI, HDFC Bank has sent fresh emails to its customers asking them to ignore the earlier cautionary note. “We wish to update you that in the light of the advisory issued by RBI…dated May 31, 2021, on ‘Customer Due Diligence for transactions in Virtual Currencies’, we request you to ignore our earlier communication dated May 28, 2021,” according to the email. “Inconvenience caused is regretted,” the new email from HDFC Bank <a href="https://twitter.com/DocumentingBTC/status/1400426099633528836/photo/1">said</a>. <div type="twitter" handle="DocumentingBTC" handlename="Documenting Bitcoin 📄" image="http://pbs.twimg.com/profile_images/1369025687743500288/-4tdBSu5_normal.jpg" favoritecount="2244" retweetcount="446" status="HDFC Bank, India’s largest private sector bank, just told its clients to “ignore” their previous warning about ‘Vir… https://t.co/yO0t7Y9DVN" createdat="1622722575000" id="1400426099633528836"></div> The State Bank of India had also sent letters to customers, meant to deter them from dealing in crypto. However, it didn’t cite the 2018 RBI ruling. “The Reserve Bank of India has repeatedly through its public notices cautioned users, holders and traders of virtual currencies, including Bitcoins, regarding various risks associated in dealing with such virtual currencies,” the SBI letter <a href="https://www.businessinsider.in/cryptocurrency/news/indias-banks-started-withdrawing-services-from-crypto-exchanges-earlier-this-month/articleshow/83109454.cms">said</a>. “RBI has not given any license/authorization to entities regulated by them to operate in cryptocurrency schemes or any form of virtual currencies such as Bitcoins,” the letter added. Where do India’s regulations on crypto stand? India’s cryptocurrency regulations have been unclear, to say the least. The issues began in 2018, when the RBI issued a circular that asked all financial entities regulated by it to stop dealing with crypto companies. This order was struck down by India’s Supreme Court in March last year, which cited proportionality concerns with the order. This led to a period of sustained growth for crypto exchanges in India, especially on the back of bull runs by various cryptocurrencies last year. Exchanges like WazirX have <a href="https://www.livemint.com/market/cryptocurrency/indias-largest-crypto-exchange-crossed-2-billion-in-trading-volumes-in-feb-11614759147828.html">recorded</a> up to $2 billion in total trading value in February this year, but that’s when issues began again. Just ahead of the budget session of India’s Parliament, a listing on the <a href="https://www.livemint.com/market/cryptocurrency/whats-in-store-for-the-country-s-crypto-industry-11616432928274.html">Parliament’s agenda</a> said that a new bill would be proposed during the session. This bill would aim to ban all cryptocurrencies in India, and lay the framework for an RBI-regulated central bank digital currency (CBDC). This led to confusion amongst traders, investors and the overall crypto community, about whether the industry would become illegal in India. The bill wasn’t brought up during the session, but that could have been because the second wave of COVID-19 infections in the country cut the Budget session short this year. But the concerns mounted late last month, when an <a href="https://www.businessinsider.in/cryptocurrency/news/users-not-able-to-deposit-money-on-indian-crypto-exchanges-right-now/articleshow/82831355.cms">informal guidance from the RBI</a> to banks, led lenders to stop dealing with <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">crypto exchanges</a> and companies again. Exchanges had to stop taking rupee deposits from users, almost overnight, and haven’t been able to restore services since. However, regulations still remain unclear. There is no order, law or notice in India that makes dealing in cryptocurrency illegal. Finance Minister Nirmala Sitharaman has <a href="https://www.livemint.com/market/cryptocurrency/fms-push-for-calibrated-approach-on-crypto-trading-calms-frayed-nerves-11615112421872.html">said</a> that the government is considering a “calibrated” approach to cryptocurrencies in India, and a clearer direction is expected later this year. The crypto industry has also been working on <a href="https://www.businessinsider.in/cryptocurrency/news/wazirx-zebpay-crypto-and-others-are-setting-up-their-own-self-regulation-board-in-india/articleshow/83203195.cms">self regulating</a> under industry body IAMAI (Internet and Mobile Association of India). The Blockchain and Crypto Assets Council (BACC), which has been set up under the IAMAI, had welcome the RBI’s clarification earlier this week, and said it has set up a self-regulatory code of conduct for its members, which includes top exchanges like WazirX and CoinDCX. “It is well known that with 15 million users and upwards of 10,000 crores held by small investors, India is among the top players globally in the crypto market and for the welfare of the users it is very important that crypto assets are regulated,” the council said on June 1. SEE ALSO: <a href="https://www.businessinsider.in/finance/news/gdp-growth-projection-revised-by-rbi-to-9-5-leaves-rates-unchanged/articleshow/83226348.cms">RBI leaves rates unchanged as it lowers GDP growth projection to 9.5%, targets 5.1% inflation</a> <a href="https://www.businessinsider.in/tech/apps/news/whatsapp-app-is-adding-a-new-feature-to-help-you-replace-snapchat-completely/articleshow/83226216.cms">WhatsApp rips off another Snapchat feature — this time Disappearing Mode</a> <a href="https://www.businessinsider.in/tech/apps/news/google-camera-app-is-expected-to-receive-an-update-that-lets-you-capture-the-night-sky-in-motion/articleshow/83228479.cms">Google Camera update might add the ability to capture the night sky in time-lapse</a>

HDFC Bank withdraws letter on crypto transactions after RBI clarifies that its 2018 circular is no longer valid

<ul><li>Fractionalised <keyword id="10879114" type="General" weightage="20" keywordseo="non-fungible-tokens" source="Orion">non-fungible tokens</keyword> (F-NFTs) are the newest craze of the <keyword id="2721952" type="General" weightage="20" keywordseo="crypto" source="Orion">crypto</keyword> art world.</li><li>They democratise owning a unique piece of art by allowing anyone to own a smaller piece of it.</li><li>There is uncertainty around what the future holds for F-NFT investors and whether or not regulators will look upon the new trend kindly. </li></ul>If cryptocurrencies weren’t enough of a socialist concept, fractionalisation of non-fungible tokens (<a href="https://www.businessinsider.in/investment/news/what-is-non-fungible-token-nft-everything-you-need-to-know/articleshow/84754933.cms">NFTs</a>) takes it a step further. It’s the concept of splitting up ownership of something so that many people can receive the benefits. The more they own, the more their <a href="http://coindcx.com">benefits</a>. Simply put, it’s like buying shares in a company. Each share is a portion of the company that anyone can own. These shares, in turn, provide the investors with voting rights. Mutual funds work the same way too. Investors pool money into a fund, and that money is used to buy assets. Each investor owns a fraction of the entirety of the fund. “Fractionalisation is a really cool idea. It’s a more affordable way to own NFTs,” Rahul Pagidipati, the CEO of crypto exchange Zebpay, told Business Insider during the IAMAI-BACC HODL 2021 conference. “It’s almost like a fraternity.” <cmsannotation type="cmsannotation" annotationid="How do fractionalised NFTs get their value?" comment="subhead" text="How do fractionalised NFTs get their value?">How do fractionalised NFTs get their value?</cmsannotation> A normal <keyword id="4668945" type="General" weightage="20" keywordseo="nft" source="Orion">NFT</keyword> gets its value from four components — utility, ownership history, future value and liquidity premium. The fundamentals aren’t very different from how prized works of art get their value in the real world. <a href="http://coindcx.com">Fractionalised NFTs</a>, or F-NFTs, alter the four fundamental values. Ownership history is now divided among the masses, the resulting utility from the fractionalised tokens varies, liquidity is now higher — instead of just one asset, there are many little bits and pieces — and the future value will change according to the other three features. “The way I look at it, it’s like you’re owning a print… of the original copy,” said Pagidipati. The <a href="https://www.businessinsider.in/investment/news/doge-meme-nft-is-being-auctioned-off-in-17-billion-pieces/articleshow/85833023.cms">iconic Doge meme NFT</a> that sold for $4 million in June is now speculated to be worth $220 million after getting <a href="https://www.businessinsider.in/investment/news/doge-meme-nft-increases-55-times-in-value-to-220-billion/articleshow/85899796.cms">split up into 17 billion pieces</a>. In technical terms, the original NFT was minted as an indivisible ERC721 token. The fractionalised version, however, is 17 billion ERC 20 tokens, which are fungible — they can be exchanged for one another since they all are a part of the same NFT. <cmsannotation type="cmsannotation" annotationid="Why does the world need fractionalised NFTs?" comment="subhead" text="Why does the world need fractionalised NFTs?">Why does the world need fractionalised NFTs?</cmsannotation> As the hype around NFTs soars, so does the demand. This culminates in the prices of NFTs becoming more expensive with each passing day, making them too pricey for many to afford. With fractionalisation, investors with limited funds can own a part of the NFT without emptying out their pockets. This adds liquidity, and more importantly, accessibility to a larger base of investors. “It is the development of a technology that will hopefully make them [NFTs] more accessible to people,” said David Carlisle, the director of policy and regulatory affairs at venture platform Ellipti. The tokens that are created as a result of the fractionalisation can also be traded on exchanges to further add liquidity. <cmsannotation type="cmsannotation" annotationid="What are the possible problems of owning a F-NFT?" comment="subhead" text="What are the possible problems of owning a F-NFT?">What are the possible problems of owning a F-NFT?</cmsannotation> Fractionalised NFTs are becoming more common in the crypto world. Considering that the concept is even newer than NFTs, legal and regulatory guidelines around the burgeoning asset are unclear — this include issues of intellectual property, financial categorisation, rights of publicity and other complications. It’s also not super clear when it comes to what rights an F-NFT investor gets, and the benefits seem to vary from project to project. “Fractionalisation starts to raise a number of questions around things like are people participating in the purchase through fractionalisation ultimately functioning like an ‘investment syndicate’ where they’re expecting a return on their investment,” explained Carlisle. “When that happens it can trigger things like security laws.” If F-NFTs are seen as investment contracts by law makers, then they will need to be regulated by other securities markets, according to him. The concern is that NFTs are high risk assets. F-NFTs are tokens based on those high risk assets, making them even more volatile. SEE ALSO: <a href="https://www.businessinsider.in/investment/news/bitcoin-ethereum-and-other-cryptocurrencies-crash-after-el-salvadors-bitcoin-law-launch/articleshow/86040661.cms">Remember, remember the 7th of September — Bitcoin, El Salvador, and the crypto drop</a> <a href="https://www.businessinsider.in/investment/news/doge-meme-nft-increases-55-times-in-value-to-220-billion/articleshow/85899796.cms">Doge meme NFT's value flies from $4 million to $220 million overnight after getting split into 17 billion pieces</a>

Fractionalisation of NFTs — the newest crypto craze explained

Millions of innocent Indian users have risked their hard-earned money in highly-volatile cryptocurrencies which are not a legal tender and the country stands on the cusp of an economic disaster in the making as self-styled <keyword id="12537889" type="General" weightage="20" keywordseo="crypto-cartels" source="Orion">crypto cartels</keyword> bombard citizens with misleading ads while relevant government authorities quietly watch the whole saga from the sidelines. The deafening silence on the part of statutory authorities to the increasing number of crypto platforms luring the public into investing from as low as Rs 100 is "incomprehensible" in absence of a dedicated law on crypto assets and crypto currencies, lament leading legal experts. <div type="Article" hostid="261" msid="87642591" title="Crypto players in India to meet with government today to give inputs on the potential of cryptocurrencies in the country and its impact" mstype="2" mssubtype="0"></div> A recent advertisement by the Blockchain and Crypto Assets Council (BACC), a part of the Internet and Mobile Association of India (IAMAI), and industry players like <keyword id="10245463" type="General" weightage="20" keywordseo="coinswitch-kuber" source="Orion">CoinSwitch Kuber</keyword>, <keyword id="6416838" type="General" weightage="20" keywordseo="coindcx" source="Orion">CoinDCX</keyword>, <keyword id="6672551" type="General" weightage="20" keywordseo="wazirx" source="Orion">WazirX</keyword> and <keyword id="2761019" type="General" weightage="20" keywordseo="zebpay" source="Orion">Zebpay</keyword>, claimed that crores of Indians have invested over Rs 6 lakh crore in crypto assets. India has recently seen a spurt in the popularity of <keyword id="6422582" type="General" weightage="20" keywordseo="crypto-exchanges" source="Orion">crypto exchanges</keyword> and platforms in recent months like CoinSwitch Kuber (CSK), WazirX, CoinDCX, ZebPay, Unocoin and BuyUcoin, etc. According to Dr Pavan Duggal, a seasoned Supreme Court advocate and a cyber law expert, if Indians have invested over Rs 6 lakh crore in the crypto ecosystem and there is absence of legal clarity, it is very much possible that a large number of people could lose huge chunks of money. "It is also possible that some people may make a lot of money. The chances of an innocent user being made a victim of this impending economic disaster cannot be ruled out. The quicker India as a nation wakes up from its deep slumber and starts addressing the crypto ecosystem, the better it will be," Duggal told IANS. In some respite for the common investor, the Indian government is finally aiming to prohibit crypto ads that are growing across media platforms and were seen in plenty during the IPL 2020 and the ICC Men's T20 World Cup cricket matches. In a memo outlining the summering of a meeting between Prime Minister Narendra Modi and the crypto industry players over the weekend, the government has shown its displeasure over such mushrooming advertisements that promise wild profits. However, the bigger crypto threat looms as the country has still not made up its mind on the legalities pertaining to crypto assets. New Delhi-based cyber law expert Virag Gupta said that taking the benefit of zero regulatory framework around crypto, the "self-styled godmen" of this industry have made their own regulatory mechanism and code of conduct which have put the Indian law-making machinery in bad light for the world. "The crypto market which was illegal some years back has now risked over Rs 6 lakh crore worth of money from Indians investors. The biggest question now is: How is the government planning to levy and recover tax on money being made by crypto trading exchanges and apps? If it is treated as capital gain then the players get undue benefit and if it is treated as business income, then the whole illegal system turns legal," Gupta elaborated. There are several serious aspects to the whole crypto scenario in India that need to be addressed fast. "First, when crypto is spreading like wildfire then why is its regulation delayed. Second, without Parliament-specific approval and amendment in the RBI Act, private currency like crypto cannot be treated as a valid legal tender," argued Gupta. In the proposed law, if cryptocurrencies are not accepted as legal tender, then how will it be treated as an asset class and who will be its regulator. "Crypto craze is reaching tier II and III towns and non-regulation of this market of Rs 6 lakh crore size is raising questions on the sovereign authority of government of India. Non-levy of GST in various layers of its transaction and non-imposition of income tax with penalty is causing huge loss to the state and central government revenue," Gupta further stressed. Crypto platforms, especially WazirX, CoinSwitch Kuber and CoinDCX, have launched ads across platforms, promising big returns on crypto investments, with a thin line titled "Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks," placed at the end of the ads. A large number of Indians have become victims of such luring advertisement campaigns in the past, which asked them to invest in digital coins. Currently, the RBI is the nodal agency that is responsible for all issues pertaining to crypto assets in India, thanks to a recent Supreme Court judgment. "However, we have still not seen effective steps being taken from the statutory authorities to protect consumers from vagaries of crypto-assets and crypto currencies and their sharp volatility," Duggal said. According to a recent report by IT industry's apex body Nasscom, there are more than 15 million retail investors in India investing in the cryptotech space. A cryptocurrency bill is expected in Parliament's winter session and according to experts, strong mechanisms need to be put up to prevent the innocent citizens from becoming victims of an impending economic disaster, who do not fully understand the legal and policy ramifications of the same. "Facing a catch-22 situation, India needs stronger laws, not only for the Blockchain-based trading but also for IT and data security, in order to tame the crypto cartels," Gupta stressed. SEE ALSO: <a href="https://www.businessinsider.in/investment/news/top-15-best-altcoins-to-buy-in-2021/slidelist/87717381.cms">Looking beyond Bitcoin and Ethereum — Here’s a list of top 15 altcoins you should keep an eye on</a> <a href="https://www.businessinsider.in/investment/news/top-6-stablecoins-in-the-crypto-market-what-are-they-how-to-they-work-and-why-they-have-governments-worried/articleshow/87667452.cms">Top 6 stablecoins in the crypto market — what are they, how they work and why they have governments worried</a>

You Searched For "iamai bacc" and got 10 results

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

Eetika Kapoor

IAMAI-BACC appoints India’s first cyber security coordinator Dr Gulshan Rai as its Advisory Board Member

BI India Partner

Indian crypto exchanges are setting up their own self-regulation board even as the government mulls over new legislation

Shivam Vahia

Crypto players in India to meet with government today to give inputs on the potential of cryptocurrencies in the country and its impact

Prabhjote Gill

WazirX got 377 requests from law enforcement agencies in the last 6 months

BI India Bureau

Spain joins countries like India to keep crypto companies from promising wild returns in ads

IANS