Amid the ongoing regulatory issues in the crypto industry, The Blockchain and Crypto Assets Council (BACC), the only advocacy body representing India's crypto sector, has been dismantled by its parent, the Internet and Mobile Association of India (IAMAI). This comes as another blow to the country's crypto industry which has already been hit by a harsh <a href="https://www.cryptoknowmics.com/news/indian-crypto-exchanges-welcome-clarification-of-new-tax-regulations/" target="_blank" rel="noopener">crypto tax</a> regime, crashing trading volumes and a global bear market.
<h2 class="article_title artTitle">IAMAI to Dismantle Crypto Exchange Body</h2>
The Internet and Mobile Association of India (IAMAI) reportedly took the decision to shut down The Blockchain and Crypto Assets Council (BACC) without even discussing it with the latter.
<blockquote><em>"Last week, the decision was taken to dismantle BACC. It wasn't working out between the exchanges and the industry association amid clear guidance from the RBI that its views had not changed on crypto,"</em> a person briefed on the matter <a href="https://economictimes.indiatimes.com/tech/technology/iamai-to-distmantle-blockchain-and-crypto-assets-council/articleshow/92869440.cms" target="_blank" rel="nofollow noopener">told</a> local media publication, ET.</blockquote>
While the issue was discussed in a meeting on Thursday, the exchanges need to sign on it before a final decision is taken. However, the date for the second meeting has not been decided yet.
<h2>Dwindling Crypto Trading Volumes</h2>
The Blockchain and Crypto Assets Council (BACC) is an industry body that acts as an umbrella entity for over a dozen crypto companies to liaison with the government and put forth their interests. Leading cryptocurrency exchanges, including WazirX, CoinDCX, and CoinSwitch Kuber, were among a part of it.

The decision comes at a time when crypto trading in the country is at an all-time low, with volumes dropping over 80% since March this year. This comes following a global market crash coupled with 30% tax and 1% TDS on local exchanges.

India's Internet Body IAMAI Wants to Distance Itself From Crypto

Amid the ongoing regulatory issues in India's crypto industry, The Blockchain and Crypto Assets Council (BACC) has been dismantled by its parent, IAMAI.

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.

India's Internet Body IAMAI Wants to Distance Itself From Crypto

Top Picks