India might be softening its stance on crypto! SEBI proposes a multi-regulator approach to oversee different aspects of crypto trading.
India's market regulator, SEBI, is proposing a multi-regulator approach to oversee different aspects of cryptocurrency trading in the country.
Shifting Stance: This move suggests a more open mind from some Indian authorities towards regulating cryptocurrencies.
SEBI's Role: SEBI proposes to oversee cryptocurrencies classified as securities and Initial Coin Offerings (ICOs).
RBI's Role: SEBI recommends the Reserve Bank of India (RBI) monitor fiat-backed stablecoins.
Regulation for Insurance and Pensions: SEBI suggests involving IRDAI and PFRDA for crypto-related insurance and pensions.
Contrasting Views: SEBI's stance differs from the RBI's, which views private digital currencies as a macroeconomic risk.
India's Crypto Journey
Tough Stance Since 2018: India has previously taken a strict approach towards crypto, prohibiting financial institutions from dealing with crypto users.
Crypto Trading Flourishes Despite Regulations: Despite the restrictions, cryptocurrency trading has remained popular in India.
A Turning Point?
SEBI's recommendations could lead to a more comprehensive regulatory framework for cryptocurrencies in India.
#India #Cryptocurrency #SEBI #Regulation #RBI #Fiat #Stablecoin #ICO #Insurance #Pensions #Blockchain #meowdininews #mdinicoin
Source: CoinDesk
Comments