Indian Crypto Unicorn CoinDCX Becomes A Member Of Advertising Standards Council of India
CoinDCX recently managed to become a brand-new member of India’s Advertising Standards Council (ASCI). Based in Mumbai, it looks to be the first of many to join the ad regulator, which is a self-regulatory and non-governmental institution. ASCI has claimed on more than one occasion that it actively works towards sustaining consumer protection and interest.
Furthermore, many have since talked about how this development could be a likely response to Delhi’s High Court and its decision regarding issuing a notice pertaining to advertisement disclaimers from various cryptocurrency exchanges. With that in mind, CoinDCX has plans of utilizing this collaboration to potentially enhance ad transparency as well as be able to stay clear of the Indian regulators’ radar.
CoinDCX makes history
The recent development, while certainly monumental and significant, is also important because it marks the very first time that any cryptocurrency-oriented business or organization in the country has been able to reach the coveted ‘unicorn’ status, which had taken place on the 10th of August 2021. With reference to the ASCI partnership, Sumit Gupta (the co-founder and CEO of CoinDCX) recently said that he is hopeful that this move shall assist in boosting confidence amongst the nation’s numerous investors. Sumit added that his team has always gone above and beyond to all but guarantee the full compliance of the company with India’s respective laws and also imbue trust and credibility when it comes to CoinDCX’s products and services.
Subhash Kamath, the Chairman of ASCI, recently shared his thoughts on the matter and what the organization intends to do regarding the adding of members from various ‘new industries’, all of whom adhere to the idea of ‘self-regulation. As such, Subhash added, the main focal points would have to be both consultation and collaboration with the relevant stakeholders so that the challenges associated with consumer protection in today’s digital age can be successfully navigated.
Indian crypto exchanges to receive fresh guidelines
The abovementioned Delhi High Court had presented a notice on the 14th of July 2021, which had to do with enforcing fresh and renewed guidelines for the country’s cryptocurrency exchanges that may wish to advertise on national TV. Moreover, the high court additionally intended to have the issue be discussed with WazirX, CoinDCX, and other relevant institutions and governmental organizations.
There had been reports which implied that the aforementioned notice was centred around a petition that had been filed via Vikash Kumar and Ayush Shukla, two local lawyers. These two desired the cryptocurrency advertisements to mention that ‘a crypto is a form of digital currency that is unregulated and is not considered legal tender in addition to being subject to volatile market changes and risks’.
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