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Indian cryptocurrency exchange <keyword id="20481939" type="General" weightage="100" keywordseo="WazirX" source="keywords" meta.keywordsubtype="org" meta.entityname="WazirX" meta.hostid="261" meta.entityid="WazirX">WazirX</keyword> today announced a reward of around $23 million, along with a comprehensive <keyword id="22495520" type="General" weightage="20" keywordseo="bounty-program" source="keywords">bounty program</keyword> to recover over $230 million worth of funds which were stolen from the exchange on July 18, 2023. Per its recent release, the exchange invited <keyword id="21888492" type="General" weightage="20" keywordseo="ethical-hackers" source="keywords">ethical hackers</keyword> and experts to provide actionable intelligence and insights that could help in freezing and stalling further usage or transfer of stolen funds. Those who are able to offer such "successful intelligence" shall be rewarded with up to $10,000 worth of <keyword id="22495522" type="General" weightage="20" keywordseo="usdts" source="keywords">USDTs</keyword>, the release noted. In case the participant is unable to freeze the funds on their own accord, they will be required to collaborate with the crypto platform. WazirX also announced a white hat recovery bounty, inviting the expertise of blockchain forensics and cybersecurity professionals in getting the funds back. While initially, the reward was set at 5% of the recovered amount, it was ultimately raised to 10% of the money recovered, which could mean up to $23 million for those who are able to successfully recover the stolen money, and verify the same. Per the exchange, this was one of the largest bounties to ever be offered in the history of crypto hacks. The offer is open for the hacker who has taken control 0f funds in the first place, provided they returned the entire sum to a specified ERC20 wallet. The bounty program will be active for three months, starting from the date of this announcement i.e. July 21st, but an extension or reduction of the time frame would be considered, depending on how the recovery was panning out. According to the release, "interested individuals should email bounty@wazirx.com with their intent to participate along with their contact details. Additionally, it should also include detailed submissions of the addresses, transactions, and methodologies to be used for tracking and recovery". The crypto platform witnessed a staggering 217% rise in its trading volumes, and a massive 12% rise in signups during October 2023 and March 2024, with the last month of the FY24 registering trading volumes worth over $400 million. As revealed in its proof of reserves report for June 2024, as of June 10th, the total holdings of the crypto exchange stood at Rs 4,203.88 crore, or about USDT 503.64 million. Nischal Shetty, Founder – WazirX noted that their foremost goal is to recover the stolen funds. "This bounty program is designed to tap into the expertise of the community to achieve this critical objective. We remain committed to transparency and collaboration, reinforcing our dedication to a secure and resilient digital finance ecosystem", he continued.

WazirX announced reward of $23 million to recover stolen funds

<ul><li><keyword id="6672551" type="General" weightage="20" keywordseo="WazirX" source="Orion">WazirX</keyword> receives almost three times more requests for data from law enforcement in October-March 2022 vs the previous period of April-Oct 2021</li><li>WazirX is among the largest <keyword id="6422582" type="General" weightage="20" keywordseo="crypto-exchanges" source="Orion">crypto exchanges</keyword> in India in terms of trading volumes</li><li>All the requests received from Indian as well as Foreign Enforcement Agencies were related to inquiries that were criminal in nature and WazirX had 100% compliance on these requests</li><li>Over 95% of crypto-associated frauds are based outside of the Blockchain ecosystem</li></ul>Indian crypto exchange, WazirX, has received 1023 requests from law enforcement agencies during the October 2021 to March 2022. The company said, in its <keyword id="430550" type="General" weightage="20" keywordseo="transparency-report" source="Orion">transparency report</keyword> for the period, that 952 of these requests came from Indian law enforcement agencies, while 71 were from foreign bodies. The total request count almost tripled from the previous period. <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=article-advertorial">WazirX</a> publishes the transparency report voluntarily for its platform every six months. In the April to September period last year, the company received only 377 requests from law enforcement agencies from around the world. From Oct 2021 - Mar 2022, 1023 requests were received and these were related to criminal activities. The exchange responded to them within 22 minutes, while the required time is 72 hours from the time requested . Source: WazirX Transparency Report, 2nd edition Further, the report says that 95% of crypto-associated frauds originated from outside the on-chain crypto ecosystem . WazirX said that crypto ponzi schemes accounted for 40% of the frauds, while phishing scams accounted for another 25%. In addition, impersonation schemes and identity thefts accounted for 25% and 5%, respectively. Majority of the scams reported were traditional money market scams <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Category </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Percentage Share </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Identity Falsification / Identity Theft </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Impersonation Cheating Scam </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">25% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Phishing / Airdrop Scams </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">25% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Ponzi Schemes and Social Engineering Scams </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">40% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">95% </td></tr></tbody><tbody></tbody><tbody></tbody></table>Source: WazirX Transparency Report, 2nd edition <cmsannotation type="cmsannotation" annotationid="Crypto crimes on the rise" comment="subhead" text="Crypto crimes on the rise"><keyword id="13962553" type="General" weightage="20" keywordseo="crypto-crimes" source="Orion">Crypto crimes</keyword> on the rise</cmsannotation> The information in WazirX’s report highlights a growing concern among those in the crypto community — that of crypto crimes. Such crimes hit an all-time-high of $14 billion in 2021, according to blockchain tracking firm Chainalysis. In a January 2022 <a href="https://blog.chainalysis.com/reports/2022-crypto-crime-report-introduction/">report</a>, the company said that the number stood at $7.8 billion in 2020. <div type="ExtQuote" text="The insights of the report indicate that even now vast majority of the scams are due to misinformation. They occur due to lack of awareness amongst users and indicate a requirement of large scale education and awareness programs to safeguard user interests. We are committed to strengthening the Virtual Digital Assets landscape in India through effective scrutiny and review, collaborations with compliance platforms and educational institutes to spread awareness to avert frauds" auname="Nishcal Shetty, CEO &amp; Founder, WazirX"></div> These scams include Ponzi schemes, where fraudsters entice users to spend money on the crypto project, and use money from one investor to pay back another. On the other hand, in phishing scams, attackers send malicious emails designed to make users click on fraudulent links and attachments, which are designed to steal sensitive data like passwords.

WazirX receives 1023 requests for data from law enforcement in October-March 2022

<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

<ul><li>While no decision has been made yet by the Government to ban Cryptocurrency platforms and their ads yet, if banned in the ongoing winter session in the parliament, it is likely to have a larger impact on India’s advertising sector.</li><li>Here’s a look back at how much Cryptocurrency platforms contributed to ad revenue pie from January to November 2021, as per TAM AdEx.</li></ul>A <a href="http://loksabhadocs.nic.in/bull2mk/2021/23.11.21.pdf">proposed </a>bill in India indicates that the government is mulling over introducing a facilitative framework for the creation of an official digital currency to be issued by the Reserve Bank of India. The Bill also seeks to prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses. This uncertainty has already caused price declines on the local exchanges and crypto advertisers have decided to take it slow until the next hearing. While Union Finance Minister Nirmala Sitharaman had said that no decision has been taken on banning crypto advertisements, there is a new Bill in the making, which implies there will be stringent policies in place. FM Sitharaman further said that the new Bill will take into account the rapidly changing dimensions in the virtual currency space. She had also mentioned that it will be presented to the Cabinet and introduced in the Parliament during the ongoing winter session. Until the next hearing, crypto platforms have either halted or slowed their advertising activities, which is likely to impact advertising revenue collection. As per exclusive data shared by TAM AdEx with Advertising and Media Insider, there was a spike in cryptocurrency-related digital advertisements by 36 times between Jan to Nov 2021. Due to the festive season and IPL 2021, crypto platforms were at their peak during October. The month of Diwali, which was October this year, nearly had a 30% share of the category and it took a dip by 6% in November 2021, whereas on television, there wasn’t a single ad from Crypto platforms in 2020. In 2021, television has seen 33.4 hours of advertising from Crypto platforms. The festive season proved to be bountiful for television too as October had more than 75% share of Crypto platforms, up from 2% in June and 23% in September. More than 85% of cryptocurrency advertisements were on Sports channels, with the rest appearing on News channels, GEC stations, and Movies channels. Cricket was the most popular genre amongst all, with 84% of <keyword id="6376163" type="General" weightage="20" keywordseo="cryptocurrency-advertising" source="Orion">cryptocurrency advertising</keyword> airing in Y 2021. Ad insertions of cryptocurrency grew from 0.01% share in overall Digital advertising during Jan-Nov'20 to 0.27% in Jan-Nov'21, indicating that the competition is getting intense and there’s a wider consumer base for brands to woo now. Simultaneously, the count of advertisers grew fivefold from 15 in Jan-Nov'20 to 59 in Jan-Nov'21 on digital mediums, revealed TAM AdEx. <keyword id="10245463" type="General" weightage="20" keywordseo="CoinSwitch-Kuber" source="Orion">CoinSwitch Kuber</keyword> had the lion’s share of 44% in digital crypto advertising from Jan to Nov, followed by <keyword id="12656736" type="General" weightage="20" keywordseo="coinswitch-co" source="Orion">CoinSwitch.Co</keyword> at 18% and <keyword id="6416838" type="General" weightage="20" keywordseo="coindcx" source="Orion">CoinDCX</keyword> at 18%. <keyword id="6672551" type="General" weightage="20" keywordseo="wazirx" source="Orion">Wazirx</keyword> and Zebpay had 8% and 6% share respectively in digital advertising Between Jan to Oct, CoinSwitch Kuber had the biggest share of 58% on television too, followed by CoinDCX at 36%, Zebpay at 5% and WazirX at 1%. Prime Minister Narendra Modi in the meeting conducted on November 13 had reviewed key issues concerning cryptocurrency. He had discussed misleading, non-transparent advertising practices. It was also discussed that unregulated crypto markets should not become avenues for money laundering and terror financing. In the past few months, we have seen a lot of high decibel campaigns from a lot of crypto players including WazirX, CoinSwitch Kuber, CoinDCX, Zebpay to name a few. Many of the platforms have used prominent faces like Ranveer Singh, Kunaal Kapoor Roy, Vishnu Kaushal to woo young consumers. A lot of people have been speaking about the risks of investing in the currency without fully understanding how the crypto ecosystem works. The government’s move therefore could help bring about more transparency and accountability into the ecosystem.

CoinSwitch Kuber, CoinDCX and WazirX were the top crypto advertisers on digital mediums this year: Report

Investments by India’s 15 million-strong crypto trading community spiked by 612% year-over-year, skyscraping from <a href="https://www.coindesk.com/india-bitcoin-crypto-investments-young-generation">$923 million in April 2020 to $6.6 billion</a> by the end of May this year. The data is a testimony to the fact that <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite&amp;is_retargeting=false&amp;shortlink=BI&amp;c=site&amp;pid=Business%20Insider&amp;af_click_lookback=7d&amp;af_channel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true">cryptocurrencies</a> are fast becoming a favored asset class amongst the millennials and Gen Z Indians who prefer Bitcoin over the conventional metals, property and stocks, for transparency and the growth it offers. “The growth trajectory (of crypto trading in India) is something which is very, very visible,” said Nischal Shetty, the CEO of <keyword id="6672551" type="UNKNOWN" weightage="20" keywordseo="wazirx">WazirX</keyword>. Out of the 70 million people who are currently into equity, <a href="https://forkast.news/video-audio/wazirx-ceo-indias-crypto-industry-keep-clean-for-regulators/">25% have already started investing in cryptocurrencies</a>. This notable shift in investing patterns among the Indians is pushing the crypto buzz in political corridors as well. <div type="image" title="IWC-copy" msid="84821027" hostid="261" caption="&amp;lt;p&amp;gt;It&amp;#39;s been 1000 days since WazirX started its crypto campaign in India on 1 November 2018 &amp;lt;/p&amp;gt;"></div><h2 style="line-height:1.38;text-align: justify;margin-top:18pt;margin-bottom:6pt;"><cmsannotation type="cmsannotation" annotationid="The ‘Cryptographic’ stance of the government" comment="subhead" text="The ‘Cryptographic’ stance of the government">The ‘Cryptographic’ stance of the government</cmsannotation> </h2>Until now, the Indian crypto trading space has been a laissez-faire arena propped up by market forces with minimal regulations in place. But that’s been changing as cryptocurrencies have gotten more popular with the masses. From the Reserve Bank of India’s (RBI) blanket ban on cryptocurrency trading in 2018, followed by the Supreme Court’s <a href="https://www.businessinsider.in/finance/news/cryptocurrency-in-india-is-legal-but-a-pending-bill-with-the-government-could-change-things/articleshow/74521104.cms">reversal</a> of the same two years later, to the talks of a proposed cryptocurrency regulation bill taking a <a href="https://www.businessinsider.in/cryptocurrency/news/indias-crypto-bill-is-unlikely-to-be-up-for-discussion-this-month-and-it-may-be-a-while-before-we-see-it-in-parliament/articleshow/84401863.cms">softer stance</a> — the government’s take on cryptocurrency has been progressively encouraging. This regulatory unclarity had the <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite&amp;is_retargeting=false&amp;shortlink=BI&amp;c=site&amp;pid=Business%20Insider&amp;af_click_lookback=7d&amp;af_channel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true">crypto exchanges</a> operating in India bogged down. However, soon after, RBI’s circular gave the industry some much-needed clarity. The government has been understandably concerned over the degree of anonymity that comes with cryptocurrencies. There have also been reports of possible use cases in terror financing, uncensored cross-border payments, and money laundering. To this argument, the Indian crypto community has a straightforward answer — don’t ban cryptocurrencies, but regulate the crypto space. <div type="ExtQuote" text="“India needs a dedicated department to regulate the crypto space. Not regulating them will only encourage the black market.”" auname="Sidharth Sogani, founder and CEO of Crebaco Global"></div> The recent months have brought some clarity over the stance of the government regarding crypto. There are talks underway of classifying cryptocurrencies as an asset class. Once cryptocurrencies pass the classification hurdle, their legislation would be overseen by the Securities and Exchange Board of India (SEBI), however, the report hasn’t been verified yet. There are reports in the media of RBI considering introducing its own CBDC in the near future and that an expert panel has already been put together to study the same. <h2 style="line-height:1.38;text-align: justify;margin-top:18pt;margin-bottom:6pt;"><cmsannotation type="cmsannotation" annotationid="What are the odds of crypto regulation in India?" comment="subhead" text="What are the odds of crypto regulation in India?">What are the odds of crypto regulation in India?</cmsannotation></h2>Over the past few months, there have been quite few positive signs from the Indian government with respect to digital assets. The first and the most important being the Finance Minister’s statement in March 2021 at the India Today Conclave. <keyword id="129243" type="PERSON" weightage="20" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword> clearly stated that the government isn’t "shutting off all the options," even as the RBI retains the power to take a call on whether or not it wants to issue a centralised bank digital currency (CBDC). Sitharaman also disclosed that the Centre will provide “adequate windows to experiment with bitcoins, blockchain, and cryptocurrency.” Meanwhile, the former Minister of State Finance Anurag Singh Thakur added that the government is in the process of collecting income tax on cryptocurrency earnings. The only catch is that the government currently maintains no records of the same and lacks the means to capture such information. Reports suggest that using overseas exchanges to trade in cryptocurrency may attract a 2% equalization levy on transactions. Alternatively, these exchanges might be required to pay an additional 18% tax if they are not based in India. Recently, the Ministry of Corporate Affairs made it mandatory for companies to declare their crypto investments held during the financial year. As we await the regulatory framework, one thing is for sure, the government’s stance on cryptos has evolved from a negative to one of a positive outlook. The government, contrary to the rumours of a trading ban, is gearing up to adopt a more lenient approach towards cryptos and is showing prominent signs of regulating the nascent industry via a calibrated approach, while keeping all the market players involved in the process. <h2 style="line-height:1.38;text-align: justify;margin-top:18pt;margin-bottom:6pt;"><cmsannotation type="cmsannotation" annotationid="The suggested regulatory mechanisms" comment="subhead" text="The suggested regulatory mechanisms">The suggested regulatory mechanisms</cmsannotation></h2>The technology lobby group, Indiatech.org, recently submitted a five-point proposal regarding cryptocurrency regulation to the Indian government. It posited that the idea of crypto as an asset class is more realistic than a legal tender. Countries like El Salvador that do not possess any native currencies are more suitable for cryptocurrency adoption as a legal tender. For countries like India, Bitcoin being <a href="https://www.coindesk.com/india-crypto-regulation-tanvi-ratna">‘akin to money’</a> (as posited by an ED investigation report) is an unlikely scenario. Further, to combat the confusion over foreign funds in crypto activities in India, the government could allow only Indian crypto exchanges with an FDI cap, of say 26%, in place in line with the banking norms. Concerning taxation, the report recommended the provision and treatment of gains from cryptos under the ‘Profit and Gains from Business and Profession’ head or ‘Income from Capital Gains’. With a robust know-your-customer (KYC)/ or anti-money laundering (AML) process in place, the provenance of crypto transactions via an exchange and the history of cross-border remittances via crypto can easily be attained. Certain recommendations by the Financial Action Task Force (FATF), when put in place, can help counter money laundering practices while implementing necessary safeguards against terror financing. If the government allows only those crypto-assets such as Bitcoin that give access to forensic analysis and could be subjected to certain law enforcement, most of the money laundering practices could be minimised. <h2 style="line-height:1.38;text-align: justify;margin-top:18pt;margin-bottom:6pt;"><cmsannotation type="cmsannotation" annotationid="The future of cryptocurrencies in India - the community perspective" comment="subhead" text="The future of cryptocurrencies in India - the community perspective">The future of cryptocurrencies in India - the community perspective</cmsannotation></h2>As of now, we can say that the Indian government isn’t in a state of crypto denial but at a stage where it is processing the nuances of accepting a digitized token, backed by a revolutionary technology. Surely, the government needs time mulling over an ‘asset class’, the inclusion of which would decide the future of other asset classes in the portfolio of the citizens, and ultimately, the financial economy as a whole. The world has already taken some progressive steps to regulate crypto, with countries like Japan having taken the lead in recognizing them years ago. The EU Commission too has introduced a directive on 'Markets in Crypto-assets' to regulate trading in crypto-assets and support digital finance in all EU states. All EU states have to follow the AML Directive 5 which has strict rules to combat money laundering. As a vigilant community of crypto enthusiasts, WazirX is intent upon building the necessary infrastructure to pioneer the next crypto boom as and when it arrives. Many organizations including WazirX, have taken the case upon themselves to structure a self-imposed code of conduct pursuant to a reasonable template of regulations that “replicates what exists in the traditional financial world”. Disclaimer: This is a sponsored post in partnership with WazirX. <a href="https://forum.businessinsider.in/">For a more in-depth discussion, come on over to Business Insider Cryptosphere</a> — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/elon-musks-tesla-second-quarter-earnings-show-that-its-bitcoin-holding-cost-the-company-23-million-in-impairment/articleshow/84784933.cms">Bitcoin price slump cost Tesla $23 million — but the company still managed net profit of $1 billion</a> <a href="https://www.businessinsider.in/cryptocurrency/news/imf-remains-wary-of-cryptocurrencies-calls-legalisation-an-inadvisable-shortcut/articleshow/84790881.cms">Inadvisable shortcut, a step too far, and dire consequences — the IMF warns countries against using Bitcoin as a national currency</a> <a href="https://www.businessinsider.in/cryptocurrency/news/elon-musk-and-michael-saylor-had-the-most-influence-on-crypto-markets-over-the-last-three-months/articleshow/84789343.cms">Elon Musk and Michael Saylor’s influence on crypto markets have made it as volatile as the ‘crypto winter’ of 2017</a>

India's stance on cryptocurrencies is evolving as more investors join the bandwagon

<ul><li><keyword id="6354539" type="General" weightage="80" keywordseo="dubai" source="Orion">Dubai</keyword> wants to establish an independent <keyword id="44771" type="General" weightage="100" keywordseo="authority" source="Orion">authority</keyword> that will regulate cryptocurrencies.</li><li>The Dubai VARA will oversee <keyword id="2721952" type="General" weightage="20" keywordseo="crypto" source="Orion">crypto</keyword> trading, token issuance, and more.</li><li>Dubai is already a favoured destination for cryptocurrency and web3 companies in the region.</li></ul>Dubai, which is already a popular destination for the crypto and <keyword id="692030" type="General" weightage="20" keywordseo="web-3-0" source="Orion">web 3.0</keyword> community, may have done the industry a big favour. On March 9, the city adopted its first law meant to regulate the operations of cryptocurrencies and digital assets, like non-fungible tokens (NFTs). The same was confirmed via a tweet from Sheikh Mohammed bin Rashid Al Maktoum, the prime minister of the United Arab Emirates (<keyword id="6358356" type="General" weightage="20" keywordseo="uae" source="Orion">UAE</keyword>). “Today, we approved the virtual assets law and established the Dubai Virtual Assets Regulatory Authority. A step that establishes the UAE’s position in this sector. The Authority will cooperate with all related entities to ensure maximum transparency and security for investors,” Maktoum said in his tweet. <cmsannotation type="cmsannotation" annotationid="wazirx" comment="wazirx" text="wazirx">wazirx</cmsannotation> <cmsannotation type="cmsannotation" annotationid="What are Dubai’s plans?" comment="subhead" text="What are Dubai’s plans?">What are Dubai’s plans?</cmsannotation> Under the new law, the UAE wants to establish a Dubai Virtual Assets Regulatory Authority (VARA), which would be tasked with regulating these assets. The VARA is also supposed to be an independent authority under the Dubai World Trade Centre Authority, which will oversee the regulation, governance, and licensing of cryptocurrencies, NFTs, and other virtual assets. The VARA’s main responsibilities include regulating the issuance of new crypto tokens, supervising and controlling the trading of virtual assets, ensuring that high standards of protection are in place, monitoring transactions, and more. The transfer of virtual assets, management services, exchange services, operating virtual assets platforms, and virtual asset custody is also under the VARA’s domain. Further, the new law prohibits anyone from engaging in crypto-related activities without the Dubai VARA’s authorization. In addition, people who want to deal in virtual assets will have to establish a presence in Dubai. Maktoum said that the country wants to establish Dubai as a “key player in designing the future of virtual assets globally”. <cmsannotation type="cmsannotation" annotationid="Dubai has been gaining ground with the crypto community" comment="subhead" text="Dubai has been gaining ground with the crypto community">Dubai has been gaining ground with the crypto community</cmsannotation> The country is already favoured by many in the web3 community. In December last year, the Dubai Media Office said that the Dubai World Trade Centre would officially become a crypto zone, from where all companies operating cryptocurrencies and virtual assets can operate. At the time, a <a href="https://indianexpress.com/article/technology/crypto/dubai-world-trade-centre-to-set-up-specialised-crypto-zone-7683271/">statement</a> from the city’s media office said it would establish “rigorous standards” for investor protection and prevent money laundering. In 2021, a <a href="https://www.livemint.com/news/india/crypto-genius-gives-a-billion-dollars-worth-of-joke-coin-for-india-covid-relief-11620892706902.html">crypto-based relief fund</a> in India was routed through entities in Dubai since regulations in the UAE are more favourable for such conversions. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/how-to-invest-as-the-conflict-in-ukraine-intensifies-a-complete-guide-to-protecting-your-portfolio-as-global-markets-react-to-russias-invasion/articleshow/89810908.cms">How to invest as the conflict in Ukraine intensifies: A complete guide to protecting your portfolio as global markets react to Russia's invasion</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/billionaire-investors-alan-howard-and-paul-tudor-jones-are-expanding-their-crypto-bets-report-says/articleshow/90107182.cms">Billionaire investors Alan Howard and Paul Tudor Jones are expanding their crypto bets, report says</a>

Dubai adopts crypto law as it looks to become a hub for web 3.0

<ul><li><keyword id="2307576" type="General" weightage="20" keywordseo="bumble" source="Orion">Bumble</keyword> is looking to bring dating and making friends to the <keyword id="11121339" type="General" weightage="20" keywordseo="metaverse" source="Orion">metaverse</keyword> and <keyword id="692030" type="General" weightage="20" keywordseo="web-3-0" source="Orion">Web 3.0</keyword> as the ‘next step’ of growth.</li><li>The company is currently ‘testing’ a couple of projects, which are likely to go live in the coming months.</li><li>Just as Facebook is looking to get ahead of the curve, Bumble will be going head-to-head against the likes of <keyword id="1738241" type="General" weightage="20" keywordseo="tinder" source="Orion">Tinder</keyword> to be a frontrunner in the metaverse space.</li></ul>Dating and networking app Bumble is starting to explore applications in the metaverse and Web3 world. The dating app, which has seen big traction on its platform for making platonic friends — called <keyword id="7950058" type="General" weightage="20" keywordseo="bumble-bff" source="Orion">Bumble BFF</keyword> — said Web 3.0 is the logical next step. Whitney Wolfe Herd, Bumble’s CEO and founder, said that the company has seen a 150% increase in users using more than one mode and it could “become a leader” in the Web 3.0 space, starting with a revamp of its Bumble BFF platform. <div type="ExtQuote" text="“Bumble BFF gives us a platform for Bumble to become a leader in the Web 3.0 world.”" auname="Bumble founder and CEO, Whitney Wolfe Herd, said during the company’s third-quarter earnings call on November 10"></div> <cmsannotation type="cmsannotation" annotationid="wazirx" comment="wazirx" text="wazirx">wazirx</cmsannotation> <cmsannotation type="cmsannotation" annotationid="Bumble’s plans for Web 3.0" comment="subhead" text="Bumble’s plans for Web 3.0">Bumble’s plans for Web 3.0</cmsannotation> Web 3.0 is the next stage in the evolution of the internet built on edge computing, decentralised data networks — blockchain — and artificial intelligence. Big wigs like Facebook, which even renamed itself to ‘<a href="https://www.businessinsider.in/tech/news/facebook-changed-its-name-to-meta-and-celebrities-politicians-and-brands-quickly-roasted-it/articleshow/87375099.cms">Meta</a>’ this month, <a href="https://www.businessinsider.in/tech/enterprise/news/disney-ceo-bob-chapek-confirms-the-company-will-build-its-own-metaverse/articleshow/87641073.cms">Disney</a>, Microsoft and others are also looking to get the jump on the '<a href="https://www.businessinsider.in/investment/news/the-metaverse-may-change-the-way-you-earn-money-shop-or-even-chill-with-friends-in-the-future/slidelist/86677906.cms">metaverse</a>' hype to stay ahead of the curve. <div type="Article" hostid="261" msid="87663969" title="It’s not just Zuckerberg ⁠— here’s how gaming, shopping and dating could look like in the metaverse" mstype="2" mssubtype="0"></div> According to Wolfe, using Web 3.0 tools and technologies will mean “new engagement, participation and creator models” in the near term. “But longer-term, it becomes a way for members to own their experience on Bumble. This could happen through the communities they build, the virtual goods and experiences they acquire, or through new ways of owning their identity as they navigate the metaverse,” she added. The Bumble app, which started after platforms like Tinder formalised the dating app market, has quickly become one of its mainstays. Bumble President Tariq Shaukat, said that the company has a “couple of tests” running right now, which the company will be rolling out in the upcoming months. <div type="ExtQuote" text="“This is something that is going to evolve. We want to make sure we're setting the technical and engineering foundation for whatever emerges in the metaverse and in the Web 3.0 world.”" auname="Bumble President, Tariq Shaukat, said during the company’s third-quarter earnings call on November 10"></div> <cmsannotation type="cmsannotation" annotationid="Not the first dating app on the blockchain" comment="subhead" text="Not the first dating app on the blockchain">Not the first dating app on the blockchain</cmsannotation> To be sure, this isn’t the first time Bumble’s intentions to embrace Web 3.0 have been made public. The company had <a href="https://twitter.com/i_woodford/status/1458383250968256512">listed</a> a position for “Head of Crypto and Web3” earlier this month, as reported by many on Twitter — right around the time that Tinder’s parent company, Match Group, details its own plans for the metaverse. Tinder’s newly launched ‘Explore’ section will expand to include a virtual goods-based economy, supported by the app’s very own cryptocurrency called Tinder Coins. The project is already being tested in several markets, including a couple of countries in Europe, according to the company. Tinder plans to roll out the use of Tinder Coins to global users sometime next year. Lesser known platforms like <a href="https://www.linkedin.com/pulse/foobee-worlds-first-social-dating-app-integrated-crypto-jani-mani/">Foobie</a> also have embraced the crypto and blockchain ecosystem. There’s also <a href="https://solana.com/ecosystem/soldate">SolDate</a>, which was built using the Solana blockchain earlier this year. However, the OGs of the blockchain dating system have been around for a lot longer. <a href="https://www.linkedin.com/company/ponderapp/about/">Ponder</a>, which launched in 2017, not only connects people with potential partners but also allows others to play matchmaker — not just for dating but jobs as well. Viola.AI and DateCoin launched their initial coin offerings (ICOs) back in 2018 with the promise of a more secure and transparent dating experience to solve Tinder's problem of fake profiles. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/leading-crypto-players-in-india-likely-to-meet-with-indian-government-next-week-to-give-inputs/articleshow/87642591.cms">Leading crypto players in India likely to meet with Indian government next week to give inputs</a> <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>

Bumble is following in Tinder's footsteps with plans to enter the metaverse and lead the Web 3.0 revolution

<ul><li>The Reserve Bank of India states that <keyword id="10769703" type="General" weightage="20" keywordseo="private-cryptocurrencies" source="Orion">private cryptocurrencies</keyword> pose a threat to financial stability.</li><li>It highlighted that these virtual assets pose a threat to customer protection, anti-money laundering efforts, and to the flow of capital at large.</li><li>Here are six reasons why India’s central bank thinks cryptocurrencies are a bad idea.</li></ul>India’s central bank, the Reserve Bank of India (RBI), has made no secret of the fact that <a href="https://www.businessinsider.in/cryptocurrency/news/rbi-governor-shaktikanta-das-raises-concerns-on-crypto-again-even-as-india-looks-at-regulation/articleshow/87771963.cms">it isn’t a fan of cryptocurrencies</a> — a stance that many central banks around the world have taken as well. In its December Financial Stability Report (FSR) the apex financial institution highlighted its concerns yet again. And, this time, it spelled out six reasons why cryptocurrencies pose a threat to India’s financial stability. One of the bank’s primary concerns is the rise of decentralised finance (DeFi). Here’s a quick look at why the RBI continues to remain anti-crypto: <cmsannotation type="cmsannotation" annotationid="1. Customer protection" comment="subhead" text="1. Customer protection">1. Customer protection</cmsannotation> The hype around the high returns from cryptocurrencies has led to more fraudulent ‘get-rich-quick’ schemes lurking in the dark corners of the market. According to industry estimates, India is home to around 15 million investors. And, these investors don’t have any laws to back them up. India’s crypto bill is still a work in progress, which means that if a large chunk of investors lose their money — they will be left with no recourse within the current legal framework of the country. Even the Securities and Exchange Board of India (<a href="https://www.businessinsider.in/cryptocurrency/news/sebi-doesnt-want-mutual-funds-diving-into-crypto-assets-at-least-until-the-crypto-bill-is-finalised/articleshow/88563302.cms">SEBI</a>) told mutual funds to hold off on sending any new fund offerings based on crypto assets until India’s crypto laws are in place. <cmsannotation type="cmsannotation" annotationid="2. Anti-money laundering and combating the terror financing" comment="subhead" text="2. Anti-money laundering and combating the terror financing">2. Anti-money laundering and combating the terror financing</cmsannotation> Cryptocurrencies, especially Bitcoin in this case, were created as a way to take the power of monetary control away from centralised authorities — like the government and the central bank. So, it’s no surprise that the central bank takes issue with not being in control. According to the RBI, cryptocurrencies have led to an increase in assets that can transfer funds with increased anonymity. There are virtual assets that focus on privacy — think Monero, Zcash and others. Decentralised platforms pose the problem of having no single entity to go after, if and when, things go wrong. Privacy wallets and other new financial instruments allow for reduced transparency, which, in turn, obscures the flow of finance. “There’s also a national security angle over here now, there are folks from intelligence who are involved,” Aritra Sarkhel, the head of governance issues and policy at WazirX, told <a href="https://www.businessinsider.in/cryptocurrency/news/heres-what-the-government-has-been-discussing-behind-closed-doors-as-it-looks-to-regulate-crypto-in-india/articleshow/88311964.cms">Business Insider</a> during an interview earlier this month. <cmsannotation type="cmsannotation" annotationid="3. Cryptocurrencies are prone to fraud" comment="subhead" text="3. Cryptocurrencies are prone to fraud">3. Cryptocurrencies are prone to fraud</cmsannotation> As things stand, anyone can launch a new cryptocurrency. There is no national framework defining what a cryptocurrency is, or the minimum requirements for it to be a legitimate investment option. This means that anyone can create a virtual asset, get others to invest in it to hike the price, and then cash out their stake without having to explain why. This is normally what is called a ‘rug-pull’. After the ‘founders’ or ‘influencers’ pull out their money, other investors are left holding less than what they originally started with. <cmsannotation type="cmsannotation" annotationid="4. Prone to extreme price volatility" comment="subhead" text="4. Prone to extreme price volatility">4. Prone to extreme price volatility</cmsannotation> The crypto market is speculative and during the COVID-19 pandemic it saw values surge to new all-time-highs. And, while the worst seems to be behind us, the RBI believes that the risk of sharp corrections still remains. Just as Bitcoin was able to hit nearly $70,000 last month, it’s possible that it could sink lower than $45,000 — the lowest price the cryptocurrency has seen since then. <cmsannotation type="cmsannotation" annotationid="5. Capital flow management" comment="subhead" text="5. Capital flow management">5. Capital flow management</cmsannotation> Just as Bitcoin was able to hit nearly $70,000 last month, it’s possible that it could sink lower than $45,000 — the lowest price the cryptocurrency has seen since then. According to the RBI, a country like India, which is subject to capital control, is especially vulnerable to destabilizing effects of cryptocurrencies. “Free accessibility of crypto assets to residents can undermine their [emerging market economies] capital regulation framework.” it said. <cmsannotation type="cmsannotation" annotationid="6. Impact on monetary policy" comment="subhead" text="6. Impact on monetary policy">6. Impact on monetary policy</cmsannotation> Non-bank actors — by which the RBI means crypto exchanges and other blockchain companies offering financial services — are adding to India’s dollar funding stresses by using loopholes in the traditional policy approach to foreign exchange markets, according to the central bank. “At this stage, it is important to better understand non-bank investors’ role in creating or propagating systemic risk so that policy actions can be taken to smooth out financial risk-taking over time,” said the RBI’s report. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/crypto-slump-continues-with-bitcoin-ethereum-solana-dogecoin-falling-further/slidelist/88580783.cms" style="">Crypto slump continues with Bitcoin, Ethereum, Solana, Dogecoin falling further</a> <a href="https://www.businessinsider.in/cryptocurrency/news/sebi-doesnt-want-mutual-funds-diving-into-crypto-assets-at-least-until-the-crypto-bill-is-finalised/articleshow/88563302.cms">India’s market watchdog warns mutual funds to stay away from crypto assets at least until regulations come in</a>

Six reasons why India’s central bank believes cryptocurrencies threaten financial stability

<ul><li>A new digital registry is being formed that will add unique identifiers to crypto tokens like <keyword id="6354947" type="General" weightage="20" keywordseo="bitcoin" source="Orion">Bitcoin</keyword>, <keyword id="2810876" type="General" weightage="20" keywordseo="ethereum" source="Orion">Ethereum</keyword> and others.</li><li>These digital token identifiers (DITs) will launch in September.</li><li>The underlying aim of these tokens is to add legitimacy to cryptocurrencies using norms from the International Organization for Standardization (ISO).</li></ul>Come September, digital tokens like Bitcoin, Ethereum and others will be taking one of their biggest steps towards legitimacy. Digital token identifiers (<keyword id="7938692" type="General" weightage="20" keywordseo="dtis" source="Orion">DTIs</keyword>) are being launched to track the movement of cryptocurrencies as per the International Organisation for Standardisation (ISO). And, the hope that this will put into place one level of quality for all cryptocurrencies to follow. How successful this endeavour will be, however, is a different story and entirely uncertain. <cmsannotation type="cmsannotation" annotationid="DTIs — the origin story" comment="subhead" text="DTIs — the origin story">DTIs — the origin story</cmsannotation> A company called Etrading Software, which provides market infrastructure for <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite&amp;is_retargeting=false&amp;shortlink=BI&amp;c=site&amp;pid=Business%20Insider&amp;af_click_lookback=7d&amp;af_channel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true">crypto trading</a>, has formed a non-profit organisation called the DTI Foundation, is the one working on creating identification for cryptocurrencies. DTIs, or Digital Token Identifiers, will be akin to unique identifiers placed on assets on regular fiat currency-based trading markets — like stocks and derivatives. This allows regulators and others to track assets, identify them and quantify risks involved in trading. The DTI Foundation aims to do the same for the crypto market, which has often been criticised for its volatile nature and role in facilitating illicit transactions. According to a <a href="https://www.reuters.com/article/crypto-currency-markets/digital-identifiers-to-help-crypto-market-go-mainstream-idUSL8N2PQ2TX">report</a> by Reuters, the DTIs will be registered with the Foundation and it will use norms from the International Organization for Standardization (ISO), to be finalized by September this year. It will formally issue identifiers for the 100 most important crypto assets and tokens, aiming to cover over 80% of the market. This, of course, will include top coins like Ethereum, Bitcoin, Ripple, Dogecoin and more. <div type="ExtQuote" text="As the crypto assets sector grows in size, regulators and the market will need identifiers to track it better." auname="Sassan Danesh, managing partner at Etrading Software, told Reuters"></div> <cmsannotation type="cmsannotation" annotationid="How will DTIs work?" comment="subhead" text="How will DTIs work?">How will DTIs work?</cmsannotation> The DTI Foundation hasn’t really explained how these identifiers will work at the moment, which is something that will need clarification. <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite&amp;is_retargeting=false&amp;shortlink=BI&amp;c=site&amp;pid=Business%20Insider&amp;af_click_lookback=7d&amp;af_channel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true">Crypto transactions</a> are inherently trackable too, thanks to the nature of blockchains. However, using ISO standards could mean that it will be easier for organisations, regulators and legacy platforms to get into the space, since they already have technology for such tracking built into their systems. “Currently, the same digital token can have multiple identifiers. The DTI standard will work for industry to identify crypto asset trades to improve transparency and efficiency. It is expected standardisation could help investors that operate at scale and consequently manage large operations groups to process crypto-asset transactions without having to significantly rework their existing systems and processes,” the statement said. According to the company, the DTI initiative will be led by the Product Advisory Committee (<a href="https://etradingsoftware.com/digital-token-identifier-industry-forum-discuss-crypto-standards/">PAC</a>) which will meet once a month. One of the first areas of focus for this industry forum is stable-coins, a priority for the DTI Service upon launch in September. The PAC will also discuss such topics as how future regulatory changes will impact the crypto-market landscape. <cmsannotation type="cmsannotation" annotationid="Will crypto exchanges jump onboard?" comment="subhead" text="Will crypto exchanges jump onboard?">Will crypto exchanges jump onboard?</cmsannotation> Not only is the use case for DTI uncertain, it’s also difficult to say whether exchanges will jump on board with such a system. Having said that, crypto exchanges like WazirX, CoinDCX in India and many others globally, have often <a href="https://www.livemint.com/market/cryptocurrency/cryptocurrency-ban-may-have-collateral-impact-on-other-blockchain-firms-in-india-11616600647911.html">argued</a> that their existence gives the crypto space a level of accountability that it didn’t have earlier. The PAC — which will oversee the implementation of DTIs — consists of 20 members, who represent a ‘cross section’ of crypto market participants, global institutional investors, standards bodies, academics, market infra providers and more. Which means that at least some form of involvement from the industry can be expected. The presence of standards bodies could make DTIs an integral part of regulations that various governments are formulating right now, while market participants and infra providers could build them directly into their systems. “We absolutely see there will be a regulatory mandate for reporting of digital assets and that’s driven by just the size of the digital market, which now cannot be ignored by regulators,” Danesh told Reuters. <a href="https://forum.businessinsider.in/">For a more in-depth discussion, come on over to Business Insider Cryptosphere</a> — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/axie-infinity-players-in-the-philippines-may-have-to-start-paying-tax-on-trading-pets/articleshow/85618940.cms">Axie Infinity players in the Philippines may have to start paying tax on trading ‘pets’</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/cryptocurrency-mining-in-iran-easing-but-china-maintain-strict-stance/articleshow/85588848.cms">Iran is bringing back cryptocurrency mining, but China shows no signs of changing its mind</a> <cmsannotation type="cmsannotation" annotationid="DTIs — the origin story" comment="subhead" text="DTIs — the origin story"> </cmsannotation>

Digital token identifiers want to set the benchmark for cryptocurrencies — but the picture is far from complete

<ul><li>The Advertising Standard Council of India has released a new set of guidelines for <keyword id="10879114" type="General" weightage="20" keywordseo="non-fungible-tokens" source="Orion">Non-Fungible Tokens</keyword> and <keyword id="6357017" type="General" weightage="20" keywordseo="cryptocurrency" source="Orion">Cryptocurrency</keyword>, effective from April 2022.</li><li>After November 2021, all major <keyword id="2721952" type="General" weightage="100" keywordseo="crypto" source="Orion">crypto</keyword> exchanges had to put a pause on their marketing and advertising activities as PM Narendra Modi had announced in a Parliament meeting that attempts to mislead the youth through over-promising and non-transparent advertising need to be stopped.</li><li>After a long hiatus, now that there will be more clarity and standardization in crypto advertisements with <keyword id="169284" type="General" weightage="20" keywordseo="asci" source="Orion">ASCI</keyword>’s guidelines, their ad expenditure is likely to return on digital and traditional mediums.</li><li>We reached out to experts to discuss how players in the segment can navigate these challenges and woo consumers without violating regulations.</li></ul>The latest trend flooding the internet is Non-fungible Tokens. From Indian celebrities like Deepika Padukone, Amitabh Bachchan, Sonu Nigam, Nucleya, Yuvraj Singh to brands such as Yum!, Rage Coffee, MG Motors India -- have announced their foray into the <keyword id="4668945" type="General" weightage="20" keywordseo="nft" source="Orion">NFT</keyword> world. A recent report by Deloitte predicts that India will be quick to catch on to the global NFT revolution with favourable regulations. In fact, it says that NFTs for sports media will generate more than US$2 billion in transactions in 2022, about double the figure for 2021. Another report from market research firm Finder said that Asian countries are outpacing the rest of the globe in terms of crypto adoption. The Asian country with the highest percentage of crypto ownership was Vietnam at 40% followed by Indonesia, India, Malaysia, and the Philippines, respectively. However, since November 2021, all major crypto exchanges in India had put a pause on their marketing and advertising activities after PM Narendra Modi had announced in a Parliament meeting that ‘attempts to mislead the youth through over-promising and non-transparent advertising should be stopped.’ Since then, the crypto exchanges have refrained from launching fresh advertisements on print, television and radio. Now, the <a href="https://www.businessinsider.in/advertising/ad-tech/news/asci-frames-guidelines-for-advertising-and-promotion-of-crypto-and-nft-products/articleshow/89764550.cms">Advertising Standards Council of India</a> has released a new set of guidelines for NFT products and crypto exchanges. Under the new standards, all Virtual Digital Assets and services will be required to carry prominent disclaimers. <div type="Article" hostid="261" msid="89764550" title="ASCI frames guidelines for advertising and promotion of NFT products" mstype="2" mssubtype="0"></div> Experts welcome new ASCI guidelines; call it a step in the right direction Crypto platforms, after a long hiatus from marketing, are up for the challenge and are excited to be resuming their marketing activities before the Indian Premier League. Welcoming the new guidelines, Ashish Singhal, Founder and CEO, CoinSwitch said, "The ASCI guidelines are a step in the right direction to standardize advertisements within the VDA space. The VDA industry is supportive of all efforts towards investor protection, however, there are nuances that need to be addressed as the space is ever-evolving. We will continue to work together with ASCI and other stakeholders to refine them further.” Manasa Rajan, Business Head at Jupiter Meta also said that the new guidelines will improve accountability. She said, “This move is welcome and will offer further legitimacy to this space and create more accountability from the marketers, which is a positive direction for a nascent category with a customer-centric approach. While cryptos are seen as purely investment or trading opportunities, where the ultimate goal is profit., NFTs have a value proposition that is far more versatile than just speculative worth. It is more about changing the way we consume content, engage with art &amp; artists and immerse ourselves in popular culture. So, NFTs’ value cannot be seen from a trader’s lens alone. The experience of involvement, decision making, ownership &amp; utility have emotions attached to it, just like art, gold or even high-end brand purchases. Hence, a regulatory framework should be more inclusive in approach for a nascent category, where the inherent value of these NFTs is still being discovered.” The regulations come almost a month after Finance Minister Nirmala Sitharaman announced plans to tax crypto investments by 30% during India’s Union Budget. While most <keyword id="12386484" type="General" weightage="20" keywordseo="crypto-ads" source="Orion">crypto ads</keyword> did come with disclaimers, they were easy to miss as they appeared at the bottom of the screen or flew by in a few seconds at the end of it. As per the new guidelines, the voiceover will be required to be at a normal speaking pace so that the consumer can’t miss it. In the case of a long-format video of over two minutes, the disclaimer will be required to be repeated at the beginning and at the end of the video and stay on screen for a minimum of five seconds. No crypto advertisement can now contain statements that promise or guarantee future increase in profits either. Overall, the current guidelines indicate that ads cannot mislead, misguide, give false information, or exploit a consumer’s lack of expertise on a subject. Whether it was CoinSwitch’s maiden B2C advertisement with Ranveer Singh or Ayushmann Khurrana’s campaign with CoinDCX, advertisements last year showed how investing in crypto is the future and it is very easy and simple to invest in. All of these ads painted a rosy picture that highlighted the highs and downplayed the volatility and risk of the assets. Therefore, ASCI is now restricting VDA products from claiming that their assets are so easy that consumers do not have to think twice about investing. It is also barring the use of the words ‘currency, securities, custodian and depositories’ in crypto-related ads. The task now for these crypto players is to win the confidence of people, raise awareness and educate, while convincing them that it is safe to invest in crypto. On top of these regulations and lack of trust in the market, crypto exchanges will be competing with the government’s own digital currency. Rikki Agarwal, Co-Founder &amp; COO from Blink said, “Last year, we saw an uptick in the crypto ad spends during the festive season and during important cricket matches. The new guidelines by ASCI will certainly have an impact on the brand spends, especially during the upcoming IPL tournament. The associations with Influencers and celebrities will also witness a radical shift. The move will definitely help in education and creating awareness amongst the consumers but it is too early to comment on the impact on the brands. Currently, India is the second-largest market in cryptocurrency adoption and the culture seems to be growing rapidly. With the adoption increasing among young men and women, private players such as CoinSwitch Kuber, CoinDCX and WazirX had plans to increase their ad spendings to compete with the possible launch of the government's digital currency. With the move from ASCI, the brands will definitely have to relook at their strategy and plan their ad spends. Brands will also have to consider spending on other platforms and mediums to interact with the consumers and will open up new avenues for growth.” Crypto platforms will also have to relook at the duration of their ads because it might get difficult for the audience to understand crypto in 10-15 seconds; it could send the wrong message across and mislead consumers. Navigating the challenges of advertising in the NFT, Crypto landscape While there are a lot of grays in crypto ads and ASCI guidelines will certainly bring transparency, will it restrict creative freedom? Vijay Pravin, Founder &amp; CEO of bitsCrunch, does not think it will. “With the new tax rules and now ASCI’s regulations, I don’t think it will be challenging for digital products to be creative. In fact, this will bring out more creativity among the Web-3 people. When people came out with the concept of Cryptocurrency, it was laughed at, since it was new and seemed confusing. Likewise, the laws and regulations for cryptos will take time to be able to cover all bases. With web-3, we are enabling an additional asset class for the future. For sure, in the years to come, we are going to witness a quirkier side of NFT and crypto projects than now. Regulations or laws keep changing. This is the current stand but in a few months or years, we could witness something else. But the technology or the infrastructure remains the same. We already witness that India is making progressive steps towards Blockchain technology. I am personally looking forward to seeing how this technology and the landscape evolves,” said he. Raj Shamani- Digital Content Creator, Entrepreneur, Investor and Podcaster said that while creativity will get hampered to some extent, the overall impact on the whole industry and people interested in this industry will be positive. “A lot of people have been misusing their power to pump &amp; dump and promote wrong things just to make quick bucks. This is going to be good for people who are here for the right reasons because they are anyway educating. And if they are providing good value education, people are going to learn about it. Also, it's always the best to tell people I am not personally recommending so that people can easily differentiate between honest opinion and promotional opinion,” said Shamani. He also shared some advice on how to connect with consumers. He said, “The best way to woo consumers is to provide them the right education and value. If you educate your audience right. If you tell them the right things. If you let them know the use cases. If you tell them about the community power. If you tell them how this is going to empower their life and not 'sell it'. The content will connect. People who have been already doing this thing in the space won't face a problem. In fact, this will make people more aware and push them to promote and make the right content. This will only help to eliminate the promotion of bad projects.” Anjali Malthankar, National Strategy Director, Tonic Worldwide said that with everything new comes excitement and concern and both need our attention. "I think the attention from regulators for any space which is seeing a crazy traction in such a short period, is expected. At the pace that NFT, Crypto are growing in popularity the interventions are understandable. As far as the challenge for creative promotions is concerned, I think the creative agencies have often come across the term during briefings – “It’s a creative challenge” So, in that spirit creative will always find its way to not let this come in the way of creativity. There have been very many categories, including traditional finance categories which have disclaimers and yet it does not stop good creative work. In fact, the fence sitters or doubters who were unsure of the VDA products, might consider the category, as promoters get more upfront and transparent about it. If VDA brands are strategically not dependent on or riding on the fad, confusion, consumers’ lack of knowledge and noise but have a genuine offering, then it is just about giving space to disclaimer which for today’s smart and conscious consumer is nothing but a sign of transparency. In fact, if we see closely Crypto and NFTs are born out of blockchain and the need for transparency and hence in intent they are both (the regulators and VDA category) on the same page." Rage Coffee recently made its debut in the blockchain matrix with its valentine's NFT campaign. Its Founder, Bharat Sethi said that the growing adoption of crypto tokens has led to the emergence of advertisements that downplay the risk associated with these assets. Therefore, according to Sethi, increased transparency is a welcome move and where it might impact creative freedom, when it comes as a hit on the consumer interest, it is best to be transparent and supply critical information/disclaimers in this volatile category. “Even after including the disclaimers and adhering to the guidelines, there is scope for being creative. It does restrict creative freedom in communication; however, this is in the best interest of an average consumer who might not have in-depth knowledge about cryptocurrency and VDAs. A promise that can not be kept should ideally not be made in a promotion. There is a need to educate the consumer on the basic ideas around NFT, cryptocurrencies and take the customer on a journey to understand how these assets are. The risks can not be downplayed as risk appetites are very personal. There is plenty of space to experiment, spread awareness and create a buzz,” said Sethi. NFT marketplace Fullyfaltoonft.com curated by Viacom18’s Youth Music &amp; English Entertainment cluster and powered byGuardianLink.io has already received an overwhelming response for its digital artwork preview. Keyur Patel, Co-Founder &amp; Chairman, GuardianLink and Co-Founder, BeyondLife.club said that consumer education comes first and it's a welcome move from ASCI to ensure customers are aware of the market volatility. "Crypto as an investment class is quite volatile compared to stocks or real estate. All investment Ads and campaigns have a responsibility to educate the users on the risks and affiliated volatility and liquidity restrictions and aspects of the asset. Even media, ad agencies, and other supporting ecosystems have the responsibility to educate the same market in a responsible method. NFT is not a financial asset. It is a digital asset associated with games, entertainment, and art. Its inherent value is either in art or utility. Also, the buyers of NFT don’t buy it because there is instant gains, they do it because they find affinity to Amitabh Bachchan or Stan Lee or they find Game like Racing very interesting and want to participate in it. Crypto is purely a trade asset, for investments and hence it needs very aggressive education to make sure, the expectations of returns for the buyers are not skewed by hype and unrealistic aspirations. So, this declaration will not just motivate consumers to study the brand/product before purchasing but also put the onus on celebrities who endorse digital assets to do due diligence thereby promoting a responsible environment. Many industries have been following such guidelines without seeing any impact on creativity. It will rather inspire marketers and content creators to make their storytelling more creative and credible than ever before." Sagar Pushp, Co-founder and CEO, ClanConnect agreed that clear-cut norms were needed in this space. “For advertisers, the greatest purpose of communication is to put across accurate messaging for users. The new promotion and advertising guidelines for crypto assets will bring this authenticity into the segment. It is a welcome move by ASCI as it will ensure that brand communication is not misleading. Going forward, brands will need to operate within the guardrails of these guidelines, making sure their messaging is not limited to quick money and gains. The intrinsic value of blockchain is much wider than the prospect of big money, and we’ll need to get creative to empower users with precise information,” said Pushp. After a long pause, now that there will be more clarity and standardization in crypto advertisements, their ad expenditure is likely to return on digital and traditional mediums. During the festive season and IPL last year, crypto platforms were at their peak. The month of Diwali, which was October in 2021, nearly had a 30% share of the category in digital advertising and it took a dip by 6% in November 2021, whereas on television, there wasn’t a single ad from Crypto platforms in 2020, revealed TAM. In 2021, television saw 33.4 hours of advertising from Crypto platforms. The festive season proved to be bountiful for television too as October had more than 75% share of Crypto platforms, up from 2% in June and 23% in September. A lot of people have been speaking about the risks of investing in digital currency without fully understanding how the crypto ecosystem works. ASCI’s guidelines, therefore, could help bring about more transparency and accountability into the ecosystem.

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