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Amid numerous scams, Indian Crypto-Currency industry readies code of conduct

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You're reading it here first: After several months of deliberation, India's leading crypto-currency exchanges have finalised a code of conduct policy to be followed by all crypto-currency firms operating in the country. The code of conduct will be sent to the Reserve Bank of India (RBI) and the government for feedback based on which a final version will be released in the public domain. Ever since the Supreme Court RBI's struck down the RBI's April 2018 circular, which barred banks from providing services crypto-firms in India, the domestic industry has been regulating itself. The Internet and Mobile Association of India (IAMAI), which had challenged the RBI's circular, has been working with leading crypto-exchanges on the code of conduct policy for the past few months. Some of the companies that worked on the policy include Wazir X, CoinDCX, UnoCoin, ZebPay among others. Since the crypto-currency industry remains unregulated in India, domestic crypto-firms have taken it upon themselves to prepare a uniform policy for all of them to abide by. What aspects does the code cover? The code of conduct covers norms and standards on Know-Your-Customer (KYC), Anti-Money Laundering (AML), customer support and grievances, two-step verification for logins and fund withdrawals, financial and technical audit requirements, cyber-security standards and other aspects. Nischal Shetty, founder and chief executive officer of WazirX told MediaNama that the aim is to ensure all exchanges and firms follow the same standards. "On KYC, we have mandated that crypto-firms conduct customer checks, Permanent Account Verification and address verification.…

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