Indian bitcoin startups Zebpay, Unocoin, Coinsecure and Searchtrade have jointly launched Digital Asset and Blockchain Foundation of India (DABFI) – a self-regulatory body that will lay down regulatory regimes for the digital currency businesses in the country.

ZeeBiz reported that the organization will standardize KYC/AML/STRS norms for the member firms. It will also work to create awareness on the benefits and risks of cryptocurrencies, liaise with regulators, attract investment and set up incubators to support startups. The organization will also seek to build global relations and actively engage with International community. It will create a public website and publish reports on cryptocurrencies (CC) and underlying blockchain technology.

"This organisation aims to drive education and create market for blockchain and bitcoin in the Indian market which is now on the path of digital economy. Our vision would be to work with regulators and develop strong framework for our industry to provide required impetus for the growth of the industry”, Saurabh Agrawal, CEO of Zebpay, told mediapersons.

The rules for the bitcoin industry will be developed by a committee spearheaded by Agrawal and comprising Sandeep Goenka (Zebpay), Mohit Kalra (Coinsecure), Sathvik Vishwanath (Unocoin) and Vishal Gupta (Searchtrade), among others. Nishith Desai Associates, an international law firm has been appointed to develop self-regulations for the industry.

“It is absolutely important to check the 'bad' use of CC. Industry has to play an important role in shaping the future of CC and blockchain. Almost no country including India has declared Bitcoins or CCs as per se illegal. And therefore we (DABFI) believe that it is our responsibility to self-regulate itself strictly to check any 'bad' use of the new system, work with the regulatory authorities and create awareness about the benefits of CC”, Agrawal added.