Mumbai-based crypto exchange CoinDCX has reportedly joined the Advertising Standards Council of India (ASCI).
In what seems like a response to the Delhi High Court’s notice regarding ad disclaimers from crypto exchanges, CoinDCX intends to use this partnership to improve advertising transparency and stay off the radar of the Indian regulators.
ASCI is a non-governmental, self-regulatory organization that claims to favor consumer interests and protection.
On Aug. 10, CoinDCX became the first crypto business in India to reach unicorn status. Citing the partnership with ASCI, CoinDCX CEO and co-founder Sumit Gupta envisions that the move “will boost confidence” among Indian investors:
“We have always gone the extra mile to ensure we are fully compliant with the laws and imbue credibility and trust in our service and products.”
ASCI chairman Subhash Kamath shared the organization’s intention to add members from “new industries” that believe in self-regulation. “Collaboration and consultation with all stakeholders are keys to navigating the consumer protection challenges posed in this digital age,” Kamath said.
The Delhi High Court issued a notice on July 14 that sought to enforce fresh guidelines for crypto exchanges advertising on national television. Along with the notice, the high court planned to discuss the issue with input from the Ministry of Information and Broadcasting, the Securities and Exchange Board of India and crypto exchanges, including CoinDCX and Binance-owned WazirX.
Reports on this matter suggested that the notice was based on a petition filed by local lawyers Ayush Shukla and Vikash Kumar, who wanted crypto ads to mention “cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks.”