Mumbai/New Delhi, March 26, 2021: The Blockchain and Crypto Assets Council (BACC) of the Internet and Mobile Association of India (IAMAI) today welcomed the government’s move on making it mandatory for companies to disclose investments made in cryptocurrencies. Favoring the development, BACC of IAMAI stated it’s a move in the right direction that will bring greater transparency.
“The move opens the door for all Indian companies to have Crypto on their balance sheets. It is a good sign that India is moving towards more acceptance and awareness amongst the mainstream markets and regulators. This would help in shaping the crypto-assets market, eventually leading to its growth. It is in a positive direction and would bring transparency, legitimacy, and structure to the industry,” says Sohail Merchant, CEO, Pocketbits, a member of IAMAI’s Blockchain and Crypto Assets Council.
Another member of BACC, Sumit Gupta, CEO & Co-founder, CoinDCX, opined, “With companies across the world adding crypto assets to their books, this is a timely initiative by the MCA. This move will bring in a lot of transparency and will act as a comfort for Indian companies which are dealing in crypto-assets and were previously confused on how to put it in their books.”
“At CoinDCX, we have already implemented enhanced KYC requirements for institutions, and we gather important details around registration details, ultimate beneficial owners, etc which helps resolve issues relating to AML among others. Companies disclosing their crypto holdings and transactions will definitely create an inclusive financial ecosystem that acknowledges and embraces crypto investments. By providing companies with a clear avenue to disclose their holdings the MCA has greatly helped law-abiding companies move forward with confidence.”