Mumbai: The Blockchain and Crypto Assets Council (BACC), a part of the Internet & Mobile Association of India (IAMAI), has brought on board CoinSwitch founder and CEO Ashish Singhal and CoinDCX co-founder and CEO 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, along with creating a consumer-safe environment. Considerably, more than 1.5 crore Indians currently hold crypto assets, IAMAI said in a statement.

“As cryptocurrencies are getting further mainstreamed 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.

Echoing similar views, Sumit Gupta stated, “India today ranks second, in the 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.”

“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 to protect the best interests of crypto investors,” he added.

The IAMAI is a not-for-profit industry body whose mandate is to expand and enhance the online and mobile value-added services sectors. It represents the digital industry to the government, investors, consumers, and other stakeholders.