Indian crypto exchange CoinDCX has reportedly joined the Advertising Standards Council of India following Delhi Hight Court’s notice regarding ad disclaimers from crypto exchanges. CoinDCX intends to use this partnership to improve advertising transparency and stay off the radar of the Indian regulators. Advertising Standards Council of India agency is a non-governmental self-regulatory organization that claims to favor consumer interests and protection. Crypto regulations in India are still in a grey area.
CoinDCX became the first crypto business in India to reach unicorn status.
Earlier this month, CoinDCX became the first crypto business in India to reach unicorn status. Citing the partnership with ASCI, CoinDCX CEO and co-founder Sumit Gupta envisions that the move “will boost confidence” among Indian investors. “We have always gone the extra mile to ensure we are fully compliant with the laws and imbue credibility and trust in our service and products,” the CEO said. ASCI chairman Subhash Kamath revealed that they intend to add members from “new industries” that believe in self-regulation.
The Delhi high court issued a notice to enforce fresh guidelines for crypto exchanges advertising.
Earlier, the Delhi high court issued a notice on Jul. 14 that sought to enforce fresh guidelines for crypto exchanges advertising on national television. Along with the notice, the Delhi High court planned to discuss the issue with input from the Ministry of Information and Broadcasting, India’s Securities and Exchange Board, and crypto exchanges, including CoinDCX and Binance-owned WazirX. India had ranked second in a list of 20 countries with the highest cryptocurrency adoption rate, according to crypto analysis platform Chainalysis. Vietnam secured the first spot, and Pakistan came third. Cryptocurrency gained mainstream exposure after India’s Supreme Court overruled the Reserve Bank of India’s ban on crypto.