The crypto-currency industry has finalised its draft Code of Conduct for blockchain and crypto-firms in India. The code mandates all players to maintain transaction and customer data for seven years, in addition to norms on Know-Your-Customer, insider investments, external audits, and various customer protection measures. MediaNama has seen a draft of the Code of Conduct prepared by the domestic crypto-currency and blockchain industry under the aegis of the Internet and Mobile Association of India (IAMAI). At the outset, the draft says that members of the Blockchain and Crypto Committee (BACC) of the IAMAI will need to follow the Reserve Bank of India's rules on KYC and Anti-Money Laundering norms, in addition to company and taxation laws. "The central premise of this code is that BACC will provide guidance to the members to ensure the highest level of business integrity and comply with applicable rules and regulations laid down by the various regulatory authorities in India. This Code of conduct is based on set of standards which are to be adhered to by members which are committed to working together with customers, markets and regulators for the establishment of ethical and professional standards." — IAMAI draft Code of Conduct of blockchain and crypto asset committee Ever since the Supreme Court 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…
- “Foreign state actor” may be responsible for the ransomware attack on AIIMS-Delhi: Report December 3, 2022
- Agenda: Reworking The Data Protection Bill, Delhi, 8th Dec #Ad December 3, 2022
- Why has the deadline to comply with UPI market share cap been extended by the NPCI? December 3, 2022
- India’s IT Minister on DPDP Bill: Law should be kept ‘simple’, subordinate rules won’t exceed Act December 3, 2022
- MIB approves ninth self regulatory body, PADMA, under the IT Rules, 2021 December 3, 2022
MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.
The Structure and Style of a Dogma Community: Conspiracy theories and organized Twitter engagement on Sushant Singh Rajput
Studying the 'community' supporting the late Sushant Singh Rajput (SSR) shows how Twitter was gamed through organized engagement
Do we have an enabling system for the National Data Governance Framework Policy (NDGFP) aiming to create a repository of non-personal data?
A viewpoint on why the regulation of cryptocurrencies and crypto exchnages under 2019's E-Commerce Rules puts it in a 'grey area'
India's IT Rules mandate a GAC to address user 'grievances' , but is re-instatement of content removed by a platform a power it should...
Why ‘group privacy’ should be recognised, and how ‘non-personal’ data becomes a regulatory blindspot
There is a need for reconceptualizing personal, non-personal data and the concept of privacy itself for regulators to effectively protect data
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...
135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...
Twitter takes down tweets from MP, MLA, editor criticising handling of pandemic upon government request
By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...