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BENGALURU : The Blockchain and Crypto Assets Council (BACC), a part of Internet and Mobile Association of India (IAMAI), has announced the appointment of CoinSwitch founder Ashish Singhal and CoinDCX co-founder Sumit Gupta as its co-chairs.

Singhal and Gupta will be primarily responsible for driving the adoption and growth of the crypto industry in India and ensuring the creation of a consumer safe environment. India has seen an exponential rise in the adoption of cryptocurrency with more than 15 million Indians currently holding crypto assets, BACC said.

“As cryptocurrencies are getting mainstream in India, the industry is working closely with regulators and policymakers to build a prosperous and secure crypto environment to put India on the global crypto map. We believe that a progressive regulatory framework will foster innovation in financial offerings and bring financial well-being to every Indian," said Ashish Singhal, founder and chief executive officer (CEO), CoinSwitch Kuber.

BACC was formed with the vision of doing public advocacy for the crypto industry, to increase awareness about crypto and provide industry guidance.

“India today ranks second, in percentage of cryptocurrency ownership across the world. The interest and confidence in the new age asset class will increase as more and more people understand its potential," said Sumit Gupta, co-founder and CEO, CoinDCX.

“The onus is now on the government and the players to create an inclusive ecosystem. The first step in this direction is to build trust around the product by removing misconceptions and providing user-focused education. Second, increase the availability of cryptocurrency transactions through a transparent, safe, and secure platform. And most importantly, the government should take up the steps and form crypto regulations in India," added Gupta.

Currently all major crypto exchanges in India are members of BACC.

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