Code of Conduct

Full text of the code is not displayed here for confidentiality purpose

Overview

It is proposed to set up a Code of Conduct for Blockchain and Crypto Asset Council (BACC). Through the principles  & guidance contained in this Code of Conduct (the Code), BACC will introduce standards of good behavior that may become a basis for future self-regulatory efforts  by BACC members and the broader community in the future.

This Code of Conduct will be expanded, to create guidelines, implement and monitor all crypto member exchanges in India. All crypto exchanges in India are invited to become members of the Blockchain and Crypto Asset Council (BACC). 
 

Scope of BACC

  • Represent the Crypto Industry in India

  • Issuance of Code of Conduct for the Crypto Industry.

  • Provide guidance of the Industry to comply with Indian regulations.

  • Liaise with regulators and government authorities to further the regulations around crypto

  • Handle PR Activity on behalf of the Industry.

  • Getting more crypto exchanges to signup as members of  BACC.

  • Conduct regular meeting of the BACC with all members  

As the industry develops and matures the scope of BACC may extend to 

  • Issuance of  certification to crypto exchanges in India

  • Create detailed guidelines for crypto exchanges from time to time.

  • Monitor and review the activities and performance of exchanges

  • Renew the certification on a regular basis.

  • Report fraudulent activities to various regulatory authorities within the ecosystem

Code of Conduct

Effective 1st, October 2020

This code is designed to provide all members of the Blockchain and Crypto Council (BACC)  with guidelines for the appropriate professional conduct of business. The code of conduct is an affirmation of values and practices that the BACC members will follow while conducting their day-to-day business in India. 

 

The central premise of this code is that BACC will provide guidance to the members to ensure the highest level of business integrity and comply with applicable rules and regulations laid down by the various regulatory authorities in India. 

 

This Code of conduct is based on a set of standards that are to be adhered to by members who are committed to working together with customers, markets, and regulators for the establishment of ethical and professional standards.

Code of Conduct is based on following  ethics 

  1. Good governance,

  2. Maintaining transparency in business, 

  3. Customer Protection and Fairness 

  4. Compliance & risk management, as well as preventing market manipulation, money laundering, and terrorism financing.

  5. Information security and business continuity,

Industry Guidance

1st October 2020

To be complied by all Members

 

  • The members may freely undertake business transactions with other BACC members' exchanges. 

  • Non-BACC member exchanges should be encouraged to join as members of BACC and agree to the code of conduct.

  • No Cash Transaction to be allowed by Members. 

  • Monies for transactions  to be received from the on boarded customers own account only.

  • Record of all Transactions and Customer onboarding to be preserved for upto 7 years for any inspection

    • Identity documents  of each customer (KYC)

      • which may include any other proof of customer address and identity (PAN card).

      • Bank Account details of each customer to be preserved and all monies should be received and paid out only in respect of customers’ own transactions.

    • All Transactions Details

      • Name of the Customer, Type of Crypto, Amount, Rate, Date, Payment mode(s), Account number(s).

      • Transactions with other Crypto Exchanges

  • Customer Service : 

    • A Customer service manual to be created by all Members.

    • Records of all customer complaints should be preserved along with settlement/ solution provided, Average solution time.

    • Details of Customer disputes, if any

  • Adequate Transactions Monitoring Process to be set up by the Member to monitor suspicious transactions.

  • Aggregated Transaction data to be reported for BACC for MIS purpose.

  • Annual Audit to be conducted by external auditors of repute by the Member and signed copy of Financial statement to be submitted to BACC.

  • Records to be preserved of any  litigations, notices  and action taken on them.

  • Members to conduct regular training of  their staff