The Securities and Exchange Board of India (SEBI) has proposed a multi-regulator approach to oversee various aspects of cryptocurrency trading in the country, indicating a shift towards acceptance of private virtual assets.
In a significant development for the Indian cryptocurrency market, the Securities and Exchange Board of India (SEBI) has recommended that different regulators oversee various aspects of crypto trading. This recommendation, seen in documents reviewed by Reuters, suggests a more nuanced regulatory framework for digital assets, marking a departure from the Reserve Bank of India’s (RBI) stringent stance.
Key Points
Multi-Regulator Approach: SEBI suggests multiple regulators should manage crypto activities according to their domains.
Against Unified Regulator: The market watchdog recommends against a single regulator for all digital assets.
SEBI’s Oversight: SEBI could monitor cryptocurrencies classified as securities and oversee Initial Coin Offerings (ICOs).
Licensing Role: SEBI proposes issuing licenses for equity market-related products linked to cryptocurrencies.
Fiat-Backed Crypto: SEBI recommends RBI oversee crypto assets backed by fiat currencies.
Additional Regulators: The Insurance Regulatory and Development Authority of India (IRDAI) and Pension Fund Regulatory and Development Authority (PFRDA) could regulate virtual assets related to insurance and pensions.
SEBI’s recommendations for a multi-regulator approach could pave the way for a more comprehensive and nuanced regulatory framework for cryptocurrencies in India. By involving various regulators, the oversight of digital assets could become more specialized and effective, potentially fostering a more robust and secure crypto market in the country.
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Disclaimer
This article is for informational purposes only and does not constitute financial, investment, or legal advice. Always conduct your research and consult a qualified professional before making investment decisions.
Source: Wion
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