Amid the ongoing regulatory issues in the crypto industry, The Blockchain and Crypto Assets Council (BACC), the only advocacy body representing India’s crypto sector, has been dismantled by its parent, the Internet and Mobile Association of India (IAMAI). This comes as another blow to the country’s crypto industry which has already been hit by a harsh crypto tax regime, crashing trading volumes and a global bear market. IAMAI to Dismantle Crypto Exchange Body The Internet and Mobile Association of India (IAMAI) reportedly took the decision to shut down The Blockchain and Crypto Assets Council (BACC) without even discussing it with the latter. “Last week, the decision was taken to dismantle BACC. It wasn’t working out between the exchanges and the industry association amid clear guidance from the RBI that its views had not changed on crypto,” a person briefed on the matter told local media publication, ET. While the issue was discussed in a meeting on Thursday, the exchanges need to sign on it before a final decision is taken. However, the date for the second meeting has not been decided yet. Dwindling Crypto Trading Volumes The Blockchain and Crypto Assets Council (BACC) is an industry body that acts as an umbrella entity for over a dozen crypto companies to liaison with the government and put forth their interests. Leading cryptocurrency exchanges, including WazirX, CoinDCX, and CoinSwitch Kuber, were among a part of it. The ...
Why Story (IP) Is Up Today?
