Blockchain and Crypto Assets Council (BACC), India, will be giving out guidelines for crypto advertising. The council will soon be including crypto ads as a part of its ‘standardized self-regulated code of conduct for the industry players.
Ashish Singhal, founder, and CEO, CoinSwitch Kuber, who is also Co-Chair, BACC, said the guidelines will make it clear for every player on the dos and don’ts to follow for advertising. In an interview with the local media, he said,
“We are in discussions with the Advertising Standards Council of India and BACC and proposed steps for every industry player to take before they open up their advertising in general. These discussions are ongoing and hopefully, we would have our SROs ready within the next few weeks”
KYC and customer education to have self-regulatory guidelines: BACC
According to the report, the council is working on setting up self-regulatory guidelines for know your customer (KYC) and customer education; eventually, it will work on issues of FIU reporting and risk monitoring.
Supposedly, the second set of guidelines will be on education, according to Singhal. he also added that,
“First is on KYC norms. Any user coming on to the crypto platform, what are the KYC norms, how can we standardize the norms to ensure that every player in the crypto industry follows the same standards for on boarding their customers,”
Singhal also mentioned that they are focusing on the education guidelines that the industry will have to give out and the guidance needed for the users to get access to knowledge sharing exercises across the crypto domain, irrespective of the company hosting the knowledge sessions; the idea is to collaborate and create a common platform that can elucidate any queries the users might have.
In perspective, he feels that it is good that the government of India is taking its time to understand the space and have a direct exchange of views with the stakeholders, to ensure that they know all the nuances of the space, instead of rushing into forming regulations.