IAMAI News: IAMAI dissolves BACC; industry says will continue to bat for regulations

Synopsis

IAMAI claimed that the association has limited resources and it would like to utilise them for other emerging digital sectors, which make a more immediate and direct contribution to digital India.It said that it is looking for immediate opportunities for financial inclusion and promoting Central Bank Digital Currency (CBDC).

Internet and Mobile Association of India (IAMAI) announced the dissolution of the Blockchain and Crypto Assets Council (BACC) on Thursday. IAMAI had created BACC four years earlier.

The association, in its official statement, said it was forced to make the decision as the regulatory environment for the industry is still very uncertain.

IAMAI claimed that the association has limited resources and it would like to utilise them for other emerging digital sectors, which make a more immediate and direct contribution to digital India.
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It said that it is looking for immediate opportunities for financial inclusion and promoting Central Bank Digital Currency (CBDC). According to ET sources familiar with the matter, IAMAI has decided to distance itself from cryptos.

Established in 2004, IAMAI is a not-for-profit industry body and the country’s only organization representing the digital services industry with over 400 Indian and multinational corporations as its members.

It is dedicated to presenting a unified voice of the businesses it represents to the government, investors, consumers and other stakeholders. IAMAI represents varied sectors.

BACC members, which are mostly crypto exchanges and trading platforms, were informed about the decision at a meeting held in Mumbai. BACC will continue till the end of this month for the closure of existing projects and smooth transition.

In a joint statement, Chair and Co-chair of BACC, Ashish Singhal from CoinSwitch and Sumit Gupta from CoinDCX said, “Our stated belief as an industry has always been to have a sustainable dialogue with regulators and stakeholders and address concerns for progressive regulations. As an industry, we will continue to positively engage with all stakeholders and build emerging tech including Web 3.0.”

BACC acted as an umbrella entity for over a dozen crypto and blockchain companies to liaison with the government and put forth their interests.

The majority of the exchanges remained tight-lipped on the issue but they are likely to continue working on policy and regulation issues as it remains a common area of interest for all.

Arjun Vijay, COO, Giottus Crypto Platform, expects BACC to evolve as a more function-specific industry body for the crypto sector and reiterated that the industry is willing to work with the state to decode the complexities.

“We are rooting for a strong industry body which will liaise with the government and the regulators to enable a conducive business environment,” he added in his response to the ET query.

On the other hand, some market experts said there were disagreements between the two parties, and they flagged unethical and unprofessional conduct of crypto companies.

BACC had been highly indisciplined with their demands and requirements of the government, and this precipitated a series of discussions with no consensus, said Raj A Kapoor, Founder, India Blockchain Alliance.

Experts believe without a structured representative body, the crypto industry becomes toothless and the move does not augur well for them.

Kapoor said this might lead to the dealignment of the industry with the government and industry players may move in different directions. “Unstructured approach may open a pandora’s box with less consensus and more arbitrary decisions.”

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times) Presented By

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    Updated: 07/15/2022 — 14:00