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Delhi High Court notice leads to CoinDCX exchange joining Ad Regulator

The Mumbai-based crypto unicorn becomes part of Advertising Standards Council of India.

Blockwatch
Photo by Surangaw

CoinDCX, the crypto exchange based in Mumbai has reportedly joined up with the Advertising Standards Council of India, making them a member.

The crypto unicorn seeks to use this partnership in order to improve upon advertising transparency while staying off the radar of the Indian regulators, a decision that has come about in response to the Delhi High Court’s ad disclaimers from crypto exchanges in their notice. 

The ASCI, a non-governmental and self-regulatory organization, claims to favor consumer interests and protection. 

CoinDCX officially became the first crypto business featured in India to reach a legendary unicorn status very recently on August 10th. Co-founder and CEO of CoinDCX, Sumit Gupta’s vision for the move indicates it’ll “boost confidence” among Indian investors when addressing the partnership with the ASCI.

He states that “We’ve always gone the extra mile to ensure we are fully compliant with the laws of imbuing credibility and trust in our service and products.”

Subhash Kamath, the ASCI chairman, talked about the organization’s intentions regarding the addition of members from fresh industries that favor self-regulation. On the matter, Kamath stated, “Collaboration and consultation with all stakeholders are keys to navigating the consumer protection challenges posed in this digital age.” 

A notice was also issued by the Delhi High Court aimed at enforcing new crypto exchange advertising guidelines, on national television. Furthermore, the high court also planned to hash out the situation regarding input from the Ministry of information and broadcasting, the securities and exchange board of India, and crypto exchanges, which will include CoinDCX and Binance-owned WazirX. 

According to reports related to the situation, it’s been suggested that the notice was based on a petition that was filed by local lawyers named Ayush Shukla and Vikash Kumar, both of which wanted crypto ads to mention that “cryptocurrency is an unregulated digital currency, not a legal tender to the market risks.” 

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