IAMAI says forced to dissolve BACC owing to regulatory uncertainty in crypto industry

moneycontrol.com:

The Internet and Mobile Association of India (IAMAI) said in a statement on July 14 that it is dissolving the Blockchain and Crypto Assets Council (BACC) owing to the uncertain regulatory environment for the crypto industry.

"The association was forced to take the decision in light of the fact that a resolution of the regulatory environment for the industry is still very uncertain, and that the association would like to utilise its limited resources for other emerging digital sectors, which make a more immediate and direct contribution to digital India, notably, deepening financial inclusion and promoting Central Bank issued Digital Currency (CBDC)," the association said.

Moneycontrol had reported on July 14 citing sources that the association decided to dissolve BACC following growing disagreements between the association and crypto founders, with IAMAI particularly being unhappy with exchanges not adhering to internally decided codes of conduct.

"The BACC group has been highly indisciplined in terms of following through the demands and requirements of the government as decided during the meetings with government bodies," a source had said on the condition of anonymity.

BACC was the only council representing crypto exchanges in India. Ashish Singhal, founder and CEO of CoinSwitch and Sumit Gupta, founder and CEO of CoinDCX, the two largest exchanges in the country, served as co-chairs of the council. Besides CoinSwitch and CoinDCX, other members of BACC included players like ZebPay, WazirX, Unocoin, Vauld etc.

In the statement, IAMAI also said that it will continue to support activities of the BACC till the end of the month to ensure smooth and proper transition of the sector as well as closure of the ongoing projects.

BACC