Monday, May 27, 2024

Will India’s crypto bill ask exchanges for the appointment of a grievance officer?

The final draft of India’s crypto bill is yet to get a nod from the Cabinet. While the bill was scheduled to be tabled during the Parliament’s winter session, things look uncertain now, as the session is set to end on December 23. In all likelihood, the tabling of the bill will have to be postponed, as the Narendra Modi-led BJP government looks for wider consultations with experts on cryptocurrencies and their pros and cons.

One of the likely developments that look set to make its way into the final draft of the bill is the appointment of a grievance officer. Each cryptocurrency exchange operating in Indian territory will have to mandatorily appoint grievance officers. This is similar to the IT Rules that were introduced by the government earlier this year.

In India, there are at least 15 crypto exchanges operating right now, which include the likes of CoinDCX and WazirX. Foreign players such as CrossTower and Coinbase have India-based exchanges as well. Aritra Sarkhel, WazirX’s governance and policy issues head, said that the government wants crypto exchanges to appoint points of contact.

The grievance officers will be India-based, even if the exchanges they represent are foreign-owned. These officers will serve as points of contact that can answer the questions and concerns of the Indian government if and when needed.

Crypto exchanges will also be required to share the name and contact details of their respective grievance officers on their official websites. This will also allow users of those exchanges to get in touch with the officers and state their complaints.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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