Mumbai-based leading cryptocurrency exchange CoinDCX has reportedly joined the ASCI [Advertising Standards Council of India].
In what looks like a response to the Delhi High Court’s notice regarding ad disclaimers from cryptocurrency exchanges, CoinDCX intends to use this partnership to enhance advertising transparency and keep off the radar of the Indian regulators.
ASCI might be a non-governmental, self-regulatory organization that claims to favor consumer interests & protection.
Earlier on 10th Aug., CoinDCX became the primary cryptocurrency business in India to succeed in unicorn status. Citing the partnership with ASCI, CoinDCX CEO & co-founder Sumit Gupta envisions that the move “will boost confidence” among Indian investors:
“We have always gone the additional mile to make sure we are fully compliant with the laws & imbue credibility and trust in our service and products.”
ASCI chairman Subhash Kamath shared the organization’s intention to feature members from “new industries” that believe in self-regulation. “Collaboration & consultation with all stakeholders are keys to navigating the buyer protection challenges posed during this digital age,” Kamath outlined.
The Delhi supreme court issued a notice on 14th July that sought to enforce fresh guidelines for cryptocurrency exchanges advertising on national television. Alongside the notice, the supreme court planned to debate the difficulty with input from the Ministry of Information and Broadcasting, the SEBI [Securities and Exchange Board of India], and cryptocurrency exchanges, along with CoinDCX and Binance-owned WazirX.
Reports on this matter suggested that the notice was supporting a petition filed by native lawyers Ayush Shukla and Vikash Kumar, who wanted cryptocurrency ads to say “cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks.”