IAMAI to set up a board to oversee self-regulation by crypto exchanges

NEW DELHI: Industry body, Internet and Mobile Association of India (IAMAI), on Tuesday said it is setting up a board to oversee the implementation of a self-regulatory code of conduct for its members that lays down that all crypto exchange members will voluntarily comply with AML/CFT and KYC and other company and taxation laws.

This board will comprise of eminent jurists, technical specialists, and fintech compliance specialists.

IAMAI and Blockchain and Crypto Assets Council (BACC) have also welcomed the clarification provided by the Reserve Bank of India on Monday that advised Indian banks to stop citing the 2018 circular for not accepting crypto transactions of customers.

The association added that the clarification will put to rest all speculations that banks are stopping transactions from 6 June, 2021.