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Exclusive | Introduce licensing for exchanges, KYC and FEMA norms for customers: crypto industry tells Parliamentary panel
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moneycontrol.comThe crypto industry body has suggested that the government can regulate cryptocurrencies by introducing a licensing regime for exchanges and other intermediaries and bringing in strict norms to track funds used in crypto trading, Moneycontrol has learnt from sources.
The Blockchain and Crypto Assets Council (BACC) is known to have said that the concern of investor safety can be addressed through imposing registration or licensing which will ensure proper management and disclosures by exchanges and wallet providers.
BACC comprises crypto exchanges and is part of the Internet and Mobile Association of India (IAMAI). The Council is co-chaired by Ashish Singhal, founder of CoinSwitch and Sumit Gupta, founder of CoinDCX.
The Council's suggestions
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