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NEW DELHI: Newly minted crypto unicorn, CoinDCX, has joined the Advertising Standards Council of India (ASCI), a voluntary self-regulatory organisation of the advertising industry, with an aim to enhance confidence and credibility of India’s rapidly growing cryptocurrency and digital asset industry.

According to the cryptocurrency exchange, it will support, through the membership, the advancement of advertising standards within India’s cryptocurrency and digital asset industry, promoting transparency in communications and building public confidence in the space.

Commenting on the development, Sumit Gupta, co-founder and CEO, CoinDCX, said, “The involvement reaffirms our commitment towards ensuring safety and security for our users, and to raise the bar for advertising transparency in crypto space in India. This will boost confidence among the users, and they can use our platform without any apprehension."

As per media reports, ads by crypto exchanges recently came under the scanner of ASCI with the body considering additional and fresh guidelines required to protect the interests of consumers.

Mint had last month reported that the Delhi high court has issued notice to the Centre, Securities and Exchange Board of India (Sebi) and others in a plea seeking setting up of guidelines or rules for domestic crypto currency exchanges advertising on televisions.

Commenting on CoinDCX’s membership, Subhash Kamath, Chairman of ASCI said, “As ASCI steps into a digital age the nature of advertisers and advertising is changing rapidly. We welcome members representing these new industries, who believe in self-regulation. Collaboration and consultation with all stakeholders are keys to navigating the consumer protection challenges posed in this digital age."

CoinDCX recently became India’s first crypto unicorn after raising $90 million in its Series C funding round, which was led by Facebook co-founder Eduardo Saverin’s B Capital Group, among others.

Founded in 2018, CoinDCX has onboarded more than 3.5 million users. The exchange aims to make crypto accessible in India and accelerate its efforts towards bringing 50 million Indians into crypto.

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