Cryptocurrency exchanges in India have partnered with India’s Internet and Mobile Association to form a regulatory body. The unit plans to address issues around crypto trading and investment, such as money laundering. It will also enforce set legislation such as the Prevention of Money Laundering Act and the Foreign Exchange Management Act. It will be under the blockchain and Crypto Assets Council.
This comes shortly after an Indian investor was scammed off close to $14,000 worth of bitcoin by someone posing as a crypto expert.
The partnership brings together major crypto players from the region, such as WazirX, CoinDCX, CoinSwitch Kuber, and ZebPay. The asian country’s crypto world has been the subject of much discussion and speculation. Major financial institutions like the Reserve Bank of India had banned offering services linked to crypto but were met with major resistance from customers. The country’s supreme court would later overturn the ban in March 2020.
Authorities had also initially considered issuing a blanket ban on the use of cryptocurrencies in the market to promote their central bank digital currency (CBDC). A move that left many investors disgruntled.
Despite the unstable environment, Jay Z and Twitter CEO Jack Dorsey established and made significant bitcoin donations to a trust for teams in India and Africa. The trust is aimed at supporting the growth and development of bitcoin in these regions.
