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…
