Bengaluru, March 27, 2021: The Blockchain and Crypto Assets Council (BACC) of the Internet and Mobile Association of India (IAMAI) today 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.
“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 Merchant, CEO, Pocketbits, a member of IAMAI’s Blockchain and Crypto Assets Council.
Another member of BACC, Sumit Gupta, CEO & Co-founder, CoinDCX, 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.”
“At CoinDCX, we have already implemented enhanced KYC requirements for institutions, and we gather 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.”
About IAMAI: The Internet and Mobile Association of India [IAMAI] is a young and vibrant association with ambitions of representing 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. The association is registered under the Societies Act and is a recognized charity in Maharashtra. With a membership of nearly 300 Indian and overseas companies, and with offices in Delhi, Mumbai, Bengaluru and Kolkata, the association is well placed to work towards charting a growth path for the digital industry in India.
