New Delhi: coinswitch kuberco-founder of Ashish Singhal And Sumit Gupta NS CoinDCX Has been appointed as the co-chairman of the Blockchain and Crypto Assets Council (BACC), an industry body under the Internet and Mobile Association of India.IAMAI)

BACC members include cryptocurrency exchanges that are signatories to a self-regulatory code of conduct, which ensures compliance with regulatory guidelines for operations in India. CoinDCX and CoinSwitch Kuber are one of the largest crypto platforms in the country, both of which are valued at over a billion dollars.

In their role as co-chairs, Singhal and Gupta will be primarily responsible for the growth of the crypto industry in India – from both a corporate and consumer perspective. According to a statement released on Friday, India has seen a rapid adoption of cryptocurrency, with over 15 million citizens holding crypto assets.

“The (crypto) industry is working closely with regulators and policy makers to create a prosperous and secure crypto environment to put India on the global crypto map,” Singhal said in the statement. “We believe that a progressive regulatory framework will drive innovation in financial offerings and bring financial well-being to every Indian.”

According to Gupta, India today ranks second globally in terms of percentage of crypto ownership. “Interest and trust in the new-age asset class will increase as more and more people understand its potential,” he said.