Mumbai/New Delhi, NFAPost: The Blockchain and Crypto Assets Council (BACC) of the Internet and Mobile Association of India (IAMAI) welcomed the government’s move on making it mandatory for companies to disclose investments made in cryptocurrencies.
Favouring the development, BACC of IAMAI stated it’s a move in the right direction that will bring greater transparency.
IAMAI’s Blockchain and Crypto Assets Council member and CEO of Pocketbits Sohail Merchant said the move opens the door for all Indian companies to have Crypto on their balance sheets.
“It is a good sign that India is moving towards more acceptance and awareness amongst the mainstream markets and regulators. This would help in shaping the crypto-assets market, eventually leading to its growth. It is in a positive direction and would bring transparency, legitimacy, and structure to the industry,” says Sohail Merchan.
Another member of BACC, CoinDCX CEO & Co-founder Sumit Gupta opined with companies across the world adding crypto assets to their books, this is a timely initiative by the MCA.
“This move will bring in a lot of transparency and will act as a comfort for Indian companies which are dealing in crypto-assets and were previously confused on how to put it in their books,” said Sumit Gupta.
Sumit Gupta said CoinDCX has already implemented enhanced KYC requirements for institutions and gathers important details around registration details, ultimate beneficial owners, etc which helps resolve issues relating to AML among others.
“Companies disclosing their crypto holdings and transactions will definitely create an inclusive financial ecosystem that acknowledges and embraces crypto investments. By providing companies a clear avenue to disclose their holdings the MCA has greatly helped law-abiding companies move forward with confidence,” said Sumit Gupta.
IAMAI represents the entire gamut of digital businesses in India. It was established in 2004 by the leading online publishers, and in the last 16 years has come to effectively address the challenges facing the digital and online industry including mobile content and services, online publishing, mobile advertising, online advertising, ecommerce and mobile & digital payments among others.
Sixteen years after its establishment, the association is still the only professional industry body representing the online industry in India.