One of the biggest crypto influencers in India, the pseudonymous Crypto Kanoon tweeted on Tuesday that after the industry won the battle against the RBI on March 04, there was a need for self-regulatory code of practice. However, he said, the exchanges were busy in customer acquisition strategies, or USDT manipulation, adding that this could fireback.
Post #rbivscrypto case the most important thing which should have happened by now is "Self-Regulatory Code of Practice".
Disappointed to see that most of the crypto exchanges are busy in either "customer acquisition" strategies or "USDT manipulation".
This was will fireback!!
— Crypto Kanoon (@cryptokanoon) March 17, 2020
The Indian crypto community rejoiced after a long-fought battle with the RBI, as the Supreme Court ruled in favor of the petitioners, asking the apex regulatory body to scrap its order banning banks from serving to crypto companies. Following the order, Crypto Kanoon had stated that simply getting a favorable ruling is not enough and that the entire crypto community needs to orchestrate concerted efforts for the growth and development of the industry.
Replying to Crypto Kanoon, WazirX CEO and Founder, Nischal Shetty stated that they were already working on building a self-regulation code as part of IAMAI. Interestingly, IAMAI was the primary petitioner who challenged the ban imposed by RBI in April 2018. Shetty further added that building up the code takes time; however, they (exchanges) were working towards it. When asked to provide the list of crypto platforms that were the part of IAMAI, Shetty said,
“WazirX is a part of it with Unocoin, Pocketbits too. I’ve requested IAMAI to make a page where all members are listed. That’ll help bring more clarity for all. Suggestions are welcome on what we can do as an industry to make the ecosystem vibrant and growing.”