Crypto exchanges may tweak code of conduct as bill lags

economictimes.indiatimes.com:

Mumbai: Indian cryptocurrency exchanges are weighing updates to their self-regulatory code of conduct to avoid run-ins with regulators. The move comes amid heightened scrutiny of the sector from regulatory bodies, including the income tax department, enforcement directorate, and others. ET reported on Monday that the government may delay tabling the Cryptocurrency Bill in the upcoming budget session of Parliament as it wants to hold more discussions and build consensus on a regulatory framework for the nascent sector.

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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 update the ‘Code of Conduct (COC)’, sources aware of the matter told ET. BACC is part of the industry body, the Internet and Mobile Association of India (IAMAI). BACC has acted as a voluntary Self-Regulatory Organisation (SRO) for the industry in the absence of formal regulations. IAMAI and BACC did not respond to ET's queries seeking comment. On Monday, Prime Minister Narendra Modi called for global corporations to regulate the fast-growing industry at the World Economic Forum’s Davos Agenda 2022 virtual event. Crypto-selling platforms may add warnings and appropriate banners that highlight volatile nature of the industry while onboarding new customers on their platform, a person familiar with the discussions said. Guidelines are being framed on customer protection measures including protection of customer funds, transaction settlement, and consumer-facing