Indian crypto industry group writes to govt for 'strong regulations'

Bharat Web3 Association says collapse of USA's FTX highlights 'lacunae in corporate governance'

A group representing the Indian cryptocurrency industry has written to the finance ministry to ensure "strong regulations" ahead of Union Budget 2023, 'Business Standard' was told.

The volatility in the industry became worse when FTX, once the third-largest crypto exchange, collapsed in November and declared bankruptcy in the US. Bharat Web3 Association (BWA) said that it was due to gap in corporate governance.

"The key underlying issue in the case of FTX is lacunae in corporate governance which we have witnessed in the case of traditional finance as well and have taken considerable efforts from different stakeholders. However, there is