CoinDCX, a newly minted crypto unicorn, joined hands with the Advertising Standards Council of India (ASCI). It is a voluntary self-regulatory organization for the advertisement industry. CoinDCX has joined hands intending to improve the confidence and credibility of the faster-growing crypto and digital asset industry of India.
According to this exchange, it will support via the membership in the advancement of advertising standards within the Indian industry of crypto and digital assets. It will promote better transparency in communication and the construction of public confidence in this space.
While commenting on this development, the Co-founder and CEO of CoinDCX, Sumit Gupta, said,
“The involvement reaffirms our commitment towards ensuring safety and security for our users and to raise the bar for advertising transparency in crypto space in India. This will boost confidence among the users, and they can use our platform without any apprehension.”
As per reports, the ads of crypto exchanges came under the scanner of the ASCI, with the regulatory body considering fresh and additional guidelines. It is required to protect the interest of consumers. As per the reports of the last month, Delhi high court has also issued a notice to the Centre, Security, and Exchange Board of India (Sebi) and others to seek setting up guidelines for domestic cryptocurrency exchange advertising on TV.
While commenting on the membership of CoinDCX, the Chairman of ASCI, Subhash Kamath, said,
“As ASCI steps into a digital age, the nature of advertisers and advertising is changing rapidly. We welcome members representing these new industries, who believe in self-regulation. Collaboration and consultation with all stakeholders are keys to navigating the consumer protection challenges posed in this digital age.”
CoinDCX had become the first crypto unicorn in India, having raised $90 million in its series C funding round. Facebook co-founder Eduardo Saverin’s B Capital Group has led this round.
CoinDCX is having more than 3.5 million users. The exchange is aiming to make cryptocurrencies easier to access in India. Also, it is accelerating its efforts towards bringing in 50M Indians into the crypto market.