NEW DELHI: The new crypto unicorn, CoinDCX, has joined the Advertising Standards Council of India (ASCI), a voluntary self-regulatory body in the advertising industry, with the aim of improving industry confidence and credibility growing Indian cryptocurrency and digital assets. .
According to the cryptocurrency exchange, it will, through membership, support the advancement of advertising standards within the Indian cryptocurrency and digital asset industry, promoting transparency in communications and enhancing the public confidence in space.
Commenting on the development, Sumit Gupta, Co-Founder and CEO of CoinDCX, said, âThe involvement reaffirms our commitment to keeping our users safe and raising the bar for advertising transparency in the crypto space in India. This will build user confidence, and they will be able to use our platform without any apprehension. “
According to media reports, announcements from the crypto exchanges were recently scanned by ASCI, the body taking into account additional new guidelines needed to protect consumer interests.
Mint reported last month that the Delhi High Court had issued a notice to the Center, the Securities and Exchange Board of India (Sebi) and others in a plea to establish guidelines or rules for trading in national crypto currencies advertising on television.
Commenting on CoinDCX’s membership, Subhash Kamath, ASCI President, said, âAs ASCI enters the 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 is essential to meet the consumer protection challenges posed in the digital age. “
CoinDCX recently became India’s first crypto unicorn after raising $ 90 million in its Series C funding round, led by Facebook co-founder Eduardo Saverin, B Capital Group, among others.
Founded in 2018, CoinDCX has onboarded over 3.5 million users. The exchange aims to make crypto accessible in India and accelerate its efforts to bring 50 million Indians to crypto.
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