CoinDCX, a Mumbai-based unicorn cryptocurrency exchange, has apparently joined India’s Advertising Standards Council (ASCI). this is in a bid to boost advertising transparency and stay off the radar of Indian regulatory agencies.
CoinDCX plans to leverage this cooperation to boost advertising transparency and stay off the radar of Indian regulators, in what appears to be a response to the Delhi High Court’s notice requiring ad disclaimers from crypto exchanges.
ASCI is a non-profit self-regulatory organization that claims to promote and safeguard consumer interests.
CoinDCX became the first crypto company in India to achieve unicorn status on August 10th. CoinDCX CEO and co-founder Sumit Gupta believe the action will “boost confidence” among Indian investors, citing the cooperation with ASCI:
“We have always gone above and beyond to ensure that we are fully compliant with the regulations and that our service and goods are credible and trustworthy.”
ASCI chairman Subhash Kamath stated that the organization intends to expand its membership to include members from “new industries” that believe in self-regulation.
“To navigate the consumer protection problems faced in this digital age, collaboration and communication with all stakeholders are critical,” Kamath added.
On July 14, the Delhi high court issued a notice requesting that new guidelines for crypto exchanges advertising on national television be implemented.
The high court planned to consider the issue with input from the Ministry of Information and Broadcasting, the Securities and Exchange Board of India, and crypto exchanges such as CoinDCX and Binance-owned WazirX in addition to issuing the notice.
According to reports, the notice was issued in response to a petition brought by local lawyers Ayush Shukla and Vikash Kumar, who wanted crypto advertisements to state that “cryptocurrency is an uncontrolled digital currency that is not a legal tender and is vulnerable to market risks.”
