As the bill lingers, crypto exchanges may make amendments to their code of conduct

• ByStartupStory     |    January 19, 2022

To avoid run-ins with regulators, Indian cryptocurrency exchanges are considering revisions to their self-regulatory code of conduct. The action comes as regulatory organisations such as the income tax department, the enforcement directorate, and others are increasing their scrutiny of the sector.

Sources familiar with the situation informed EnTracker that leading cryptocurrency firms such as WazirX, CoinDCX, and CoinSwitch Kuber, as well as other members of the Blockchain and Crypto Assets Council (BACC), are working to amend the ‘Code of Conduct (COC).’ BACC is a member of the Internet and Mobile Association of India, a trade association (IAMAI). In the lack of legal regulations, BACC has served as a voluntary Self-Regulatory Organization (SRO) for the industry.

The goal of changing the rule is to address concerns highlighted in last year’s conversations between crypto selling platforms and the Reserve Bank of India (RBI), as well as in the Parliamentary Standing Committee, about investor protection and industry regulation.

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