Group of Exchanges Call on Indian Government to Regulate Crypto in Front-Page Ad

“This is India’s crypto moment,” the ad declared.

AccessTimeIconNov 3, 2021 at 7:10 a.m. UTC
Updated May 11, 2023 at 6:42 p.m. UTC

CORRECTION (Nov. 3, 16:57 UTC): Corrects to make clear that the source of the piece was a front-page ad in the Economic Times and not a news article.

A group of cryptocurrency exchanges and trade groups took out an ad taking up the entire front page of one of India’s top finance newspapers, calling on the government to provide regulatory guidance to the crypto industry.

  • At the same time, the exchanges, which include WazirX, ZebPay, CoinDCX, CoinSwitch Kuber and others, committed in the ad in The Economic Times to complying with the Blockchain and Cryptocurrency Committee of India’s (BACC) self-regulatory code of conduct under the Internet and Mobile Association of India (IAMAI).
  • The main features of the code include online know-your-customer (KYC) verification of all customers, checking for fraud, investor education, an audit trail of all transactions, grievance redressal and full compliance with law enforcement and tax authorities.
  • The Indian government has been sitting on a crypto regulation bill for at least a year. Meanwhile, since the Supreme Court lifted the Reserve Bank of India’s two-year banking ban on crypto exchanges in March 2020, investment in crypto has soared.
  • Initially, it looked like the Indian government would once again look to ban crypto but recently it’s been reported that the legislation would regulate crypto as an asset class like commodities. It’s likely the exchanges are hoping that their ad adds momentum to that movement.
  • Tens of millions of Indians have invested $80 billion (INR 6 trillion) in crypto, according to the ad. Given these “staggering” numbers and “massive” growth potential, India needs a “transparent and regulated environment,” the group said in the ad.
  • “The huge amount of Indian investor exposure to cryptocurrencies warrants quick action by the government on the regulatory front,” Prasad Rane, partner at Legaligence Strategic Consulting LLP, told CoinDesk.
  • “The global anti-money laundering agency the Financial Action Task Force [FATF] has already identified crypto assets as a source of risk and recently published guidance to regulate the industry like banks,” Rane said. “Our government is behind the curve.”
  • Indian investment in crypto has ballooned to $6.6 billion this year from $923 million last year, intelligence firm Chainalysis found in July.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Eliza Gkritsi

Eliza Gkritsi was CoinDesk's AI/crypto reporter.

Omkar Godbole

Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team.

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.

Read more about