As the uncertain crypto regulation looms, the crypto exchanges in India are coming together to introduce a new lobby which would be supported by IndiaTech.
IndiaTech is an industry body that represents the country’s leading internet startups like Ola, MakeMyTrip, Nykaa, Dream11 and many more.
As per the report published by Economics Times, presently, only Zebpay has confirmed that it would collaborate with IndiaTech, while other crypto exchanges are still pondering over the matter.
Notably, the new lobby would not make any changes in the work performed by the Internet and Mobile Association of India (IAMAI). However, the new lobby would be another outlet, where the underdeveloped companies would be allowed to make their case to the Indian Government, banks and other regulatory authorities.
CoinDCX, which considered to be India’s largest and safest crypto exchange, is the standard member of IndiaTech for a long time.
It is not easy to regulate an industry like a cryptocurrency, the regulators might take months or years to prepare an elaborate detail of new legislation.
According to the reports, for the past three years, the Personal Data Protection Bill in India has been stuck in the pipeline.
Although there has been no certain regulatory policy for crypto-assets, the government decided to use a unique technique to address the issue with self-regulation. By doing so, the government not only appeared to have taken a stance against its belief but also have allowed the organizations to take the decisions by themselves to stay in line.
In 2019, the Indian government ordered the OTT platforms like Netflix and Prime Video to self-regulate themselves, now, it has asked the crypto industry to do the same.
In May 2021, IndiaTech released a whitepaper proposing a five-point framework to monitor the industry.