The Blockchain and Crypto Assets Council (BACC), a subcommittee of the internet and Mobile Association of India (IAMAI) that deals with blockchain innovation, has named CoinSwitch founder Ashish Singhal and CoinDCX CEO Sumit Gupta as its Co-Chairs for the newly formed Crypto Council.

Singhal and Gupta, whose companies are key players in the Indian cryptocurrency market, would be primarily responsible for crypto promotion and policy pushes with regulators. The use of cryptocurrencies in India has exploded, with more than 1.5 crore people now owning cryptocurrency.

“As cryptocurrencies are getting further mainstreamed in India, the industry is working closely with regulators and policymakers to build a prosperous and secure crypto environment to put India on the global crypto map. We believe that a progressive regulatory framework will foster innovation in financial offerings and bring financial well-being to every Indian,” stated Ashish Singhal, Founder, and CEO, CoinSwitch Kuber.

Sumit Gupta, Co-Founder, and CEO, CoinDCX, said: “India today ranks second, in the percentage of cryptocurrency ownership across the world. The interest and confidence in the new age asset class will increase as more and more people understand its potential.”

“The onus is now on the government and the players to create an inclusive ecosystem. The first step in this direction is to build trust around the product by removing misconceptions and providing user-focused education. Second, increase the availability of cryptocurrency transactions through a transparent, safe, and secure platform. And most importantly, the government should take up the steps and form crypto regulations in India to protect the best interests of crypto investors,” he added.