We do know that India has a regulatory body for its securities market. It is the Securities and Exchange Board of India, also known as SEBI. Did you know that India has a regulatory body for cryptocurrencies too?
Digital Asset and Blockchain Foundation of India (DABFI)
DABFI is an association formed by four of India's cryptocurrency exchanges that acts a self-regulatory body to its members. This association lays down rules and regulation of the cryptocurrency market in India.
Who started it?
Zebpay, Unocoin, Coinsecure and Searchtrade are popular stock exchange start-ups that formed the regulatory body to maintain best practices of digital assets business in India. The association was formed on Feb 24, 2017. Bitxoxo has also joined as a member now.
Who are the members of the DABFI committee?
The committee head is Saurabh Agarwal from Zebpay. Committee members include Sandeep Goenka from Zebpay, Mohit Karla from Coinsecure, Sathvik Vishwanath and Harish B.V from Unocoin, Vishal and Rashmit Gupta from Searchtrade.
Their Official website is http://dabfoundation.in.
Objectives of DABFI
The association's objective is to:
- Educate investors about the benefits and risks involved in investing as well as trading crypto tokens.
- Create and promote best practices in digital asset business.
- Standardize KYC (Know Your Customer), AML (Anti-Money Laundering), and STRs (Suspicious Transaction Reports) regulations for its member companies.
- Collaborate with Indian tax regulators to develop framework for digital currency market in India.
- To promote and help upcoming blockchain startups.