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<ul> 
 <li>On August 4, 2023, in New Delhi, ARIFAC conducted its first annual conference.</li> 
 <li>It is expected that ARIFAC would also provide training sessions for reporting organizations.</li> 
</ul> 
When India’s largest cryptocurrency exchange, <a href="https://thenewscrypto.com/exchange-news-coindcx-leads-investment-round-in-bitoasis-crypto-exchange/" target="_blank" rel="noreferrer noopener">CoinDCX</a>, raised over $90 million from investors led by B Capital Group last month, it became the first cryptocurrency unicorn in the nation. The exchange announced lately that it has become a member of the renowned ARIFAC alliance. The CEO of CoinDCX Sumit Gupta announced the exchange’s recent advancement. 
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 <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/23e9.png" alt="⏩" class="wp-smiley" style="height: 1em; max-height: 1em;">Thrilled to share that <a href="https://twitter.com/CoinDCX?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">@CoinDCX</a>, India's biggest crypto exchange, has now joined the prestigious ARIFAC alliance! This collaboration with esteemed entities like FIU, NPCI, Banks, &amp; NBFCs solidifies our commitment to transparency and compliance in the ever-evolving fintech &amp;…— Sumit Gupta (CoinDCX) (@smtgpt) <a href="https://twitter.com/smtgpt/status/1703985428536430692?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">September 19, 2023</a>
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Working with respected institutions like the Financial Intelligence Unit (FIU), the National Payments Corporation of India (NPCI), banks, and non-bank financial companies (<a href="https://www.rbi.org.in/commonperson/English/Scripts/FAQs.aspx?Id=1167" target="_blank" rel="noreferrer noopener nofollow">NBFCs</a>) reaffirms its commitment to openness and compliance in the dynamic fintech and VDA industry. 
<h3 class="wp-block-heading" id="h-boosting-crypto-ecosystem-in-india">Boosting Crypto Ecosystem in India</h3> 
Joining <a href="https://fiuindia.gov.in/files/FPAC/ARIFACnote.pdf" target="_blank" rel="noreferrer noopener nofollow">ARIFAC</a> puts the exchange in the vanguard of organizations working to advance understanding of AML/CFT and establish uniform standards throughout the sector. This action demonstrates its commitment to fostering a credible and compliant <a href="https://thenewscrypto.com/bitcoin-price-witnesses-sharp-surge-can-bulls-maintain-momentum/" target="_blank" rel="noreferrer noopener">crypto</a> ecosystem in India. 
The exchange sees its membership in ARIFAC as more than simply a chance to work together. It’s also a chance to help shape the future of fintech in a trustworthy manner. 
Banks, NBFCs, Payment Aggregators, Prepaid Payment Instrument providers, NPCI, VDA-SPs, etc.) have come together to form ARIFAC (Alliance of Reporting Entities in India for AML/CFT), the first private-private partnership drive of its kind, to promote collaboration in the areas of knowledge-sharing, knowledge-product development, training, and certification. 
On August 4, 2023, in New Delhi, ARIFAC conducted its first annual conference. With the formation of regional and sectoral chapters, it is hoped that the initiative’s current membership of 67 Reporting Entities will grow. It is planned that ARIFAC will have its meetings under the auspices of several national and regional groups. 
For this purpose, FIU-INDIA will offer a safe platform for reporting companies to discuss and exchange information on a wide range of topics, including strategies, tactics, regulatory considerations, developing challenges, etc. 
Principal Officers will be able to communicate with one another using this tool as well. In addition, ARIFAC plans to provide knowledge products including reports on best practices and typologies. 
It is expected that ARIFAC would also provide training sessions for reporting organizations and people operating in the AML/CFT area who are not primary officials. It is expected that ARIFAC would also increase transparency and standardize AML/CFT certifications, with organizations like CoinDCX playing a key role. 
Highlighted Crypto News Today: 
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CoinDCX Joins ARIFAC Alliance to Boost Crypto Compliance in India

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