Crypto exchanges in India are coming together to make a new lobby in the country as regulatory uncertainty still appears overhead. This new lobby will be under the guidance of IndiaTech – an industry body showcasing leading internet startups in India including MakeMyTrip, Ola, Dream11, Nykaa and so on.
While other exchanges are yet considering it over, ZebPay, the leading crypto exchange has already confirmed its intent to join IndiaTech. A competing crypto exchange, CoinDCX is already a ‘standard member’ of IndiaTech.
The new lobby won’t replace the work already in progress with the IAMAI (Internet and Mobile Association of India). But, it will prove to be another direction for these flourishing firms to make their case to the Indian banks, other regulatory authorities and government.
Managing an industry like crypto is not an easy job. It takes months or even years to prepare even small details of new legislation. Personal Data Protection Bill of India has been lingering in the pipeline for 3 years because anxiety over privacy and data usage continues to rise.
In May 2021, IndiaTech introduced a whitepaper proposing a 5-point system to monitor or regulate the industry. Prior to this, in 2019 also, Prime Video and Netflix were asked to self-censor the content. This took them 2 years. In 2021, the government introduced the new IT Rules that may solve complaints but brings up problems of content-related arguments.