India Bitcoin exchanges join to regulate Indian cryptocurrency market

Indian major bitcoin exchange Zebpay, Unocoin, Coinsecure and Searchtrade on 23 Feb 2017 jointly launched Digital Asset and Blockchain Foundation of India (DABFI) for the orderly and transparent growth of digitall currency market.

A committee under Saurabh Agrawal, CEO of Zebpay comprising Sandeep Goenka (Zebpay), Mohit Kalra (Coinsecure), Sathvik Vishwanath (Unocoin) and Vishal Gupta (Searchtrade), and others will develop rules for the Indian bitcoin industry.

Some Important task of this regulations will be:

  1. Self-regulatory regimes for trading of bitcoins and other blockchain based digital assets.
  2. Standardise KYC/AML/STRS norms for the member companies
  3. To build credibility and create awareness about the benefits and risks of CC.
  4. Clarity on taxation, attract investment and set up incubators to promote startups, build global relations and actively engage with International community, create a public website and regularly print reports on and around bitcoins and blockchain.

Zebpay’s Sourabh Agrawal told media person during event in mumbai

“This organisation aims to drive education and create market for blockchain and bitcoin in the Indian market which is now on the path of digital economy. Our vision would be to work with regulators and develop strong framework for our industry to provide required impetus for the growth of the industry.”

Nishith Desai of Nishith Desai Associates will provide legal support to DABFI

He addressed

“Under the current banking system the poor, currently ‎pay heavy transaction fees for sending small amounts of money to their families in rural areas. In contrast, there is no or very low fee for large transactions. So, the current system is loaded in favour of the rich,”

“Bitcoins and virtual currencies, just like any other cash, are known to be also used for illicit purposes. The virtual currency transactions are more traceable than the cash. Often that gets more highlighted than its benefits,”

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