Inside the break-up of India’s largest crypto industry body

moneycontrol.com:

After the dismantling of the Blockchain and Crypto Assets Council (BACC) last week by the Internet and Mobile Association of India (IAMAI), crypto exchanges are likely to meet this week to discuss the way forward as they look to create their own independent body or join other industry bodies.

While the move came as a shock, the exchanges are putting on a brave face and say they see this as an opportunity to create an independent body.

The move, which came as a surprise to the industry, is “quite odd unless there has been pressure”, said an industry watcher. Crypto companies are also deliberating approaching other larger industry bodies such as FICCI (Federation of Indian Chambers of Commerce & Industry) to join them as an extended arm.

“Based on our experience with IAMAI, I believe that the industry is heading for an independent body. Exchanges could approach a larger business industry body but that is yet to be seen,” a source closely working with one of the leading crypto exchanges told Moneycontrol.

BACC was the largest industry body in India for cryptocurrency players. It was made up of exchanges, also blockchain and token developers, as well as non-fungible token (NFT) marketplaces. Members were both Indian and international companies.

According to industry sources, BACC was being used for three key functions—including strategising representations to the government after discussions with tax advisors and lawyers, pooling money to fund research reports and legal fees, and putting out statements to various ministries in case there were disagreements. “But crypto exchanges themselves were setting up meetings with government bodies and drafting letters and representations, while IAMAI leaders delayed processes by days and