- CoinDCX secured over $90 million in funding, becoming India’s first cryptocurrency unicorn.
- CoinDCX has joined the ARIFAC alliance, promoting AML/CFT knowledge and standards.
- ARIFAC aims to enhance transparency and standardize AML/CFT certifications in India.
CoinDCX, India’s premier cryptocurrency exchange, recently secured over $90 million in funding from a group of investors spearheaded by B Capital Group, marking its entry as the country’s first cryptocurrency unicorn. The exchange has also recently declared its membership in the prestigious ARIFAC alliance. Sumit Gupta, the CEO of CoinDCX, announced this development.
Collaborating with esteemed organizations such as the Financial Intelligence Unit (FIU), the National Payments Corporation of India (NPCI), various banks, and non-bank financial companies (NBFCs) reinforces its dedication to transparency and adherence in the ever-evolving fintech and VDA sector.
Strengthening India’s Crypto Ecosystem
Becoming a member of ARIFAC positions the exchange at the forefront of entities striving to promote knowledge of AML/CFT and set consistent standards across the industry. This move signifies its dedication to cultivating a trustworthy and compliant cryptocurrency environment in India.
The participation of the exchange in ARIFAC is more than merely an opportunity for collaboration. It also provides an avenue to contribute to the development of fintech reliably and credibly.
Various financial entities such as Banks, Non-Banking Financial Companies, Payment Aggregators, Prepaid Payment Instrument providers, National Payments Corporation of India, and Virtual Digital Asset Service Providers have collectively established ARIFAC (Alliance of Reporting Entities in India for Anti-Money Laundering/Countering the Financing of Terrorism). This initiative is the first in the private sector to foster cooperation in areas such as knowledge exchange, development of knowledge-based products, training, and certification.
The inaugural annual conference of ARIFAC was held in New Delhi on August 4, 2023. Establishing regional and sectoral chapters is expected to increase the current membership of 67 Reporting Entities. ARIFAC intends to conduct its meetings under the patronage of various national and regional organizations.
FIU-INDIA will provide a secure platform for reporting companies to engage in dialogue and share information on various subjects. These subjects include strategies, tactics, regulatory aspects, emerging challenges, and so forth. This is intended to serve the specific needs of these companies.
This tool will also enable Principal Officers to interact with each other. Furthermore, ARIFAC intends to offer informational resources such as reports on optimal strategies and typologies.
ARIFAC is anticipated to offer training sessions for reporting entities and individuals working in the AML/CFT sector who are not main officials. Additionally, ARIFAC is projected to enhance transparency and standardize AML/CFT certifications, with organizations such as CoinDCX being instrumental in this process.
