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SEBI in India Suggests Crypto Trade Regulation in Response to RBI’s Increased Control
A groundbreaking development has emerged within the realm of cryptocurrency in India. The country’s market watchdog, SEBI (Securities and Exchange Board of India), has proposed the oversight of crypto trading by multiple regulators nationwide. This decision, unlike the RBI’s strict control over crypto, has quickly sparked interest and excitement among participants in the Indian crypto market.
Since 2017, the RBI has maintained a strong stance on cryptocurrencies, barring banks and other regulated entities from facilitating crypto transactions, considering them as Virtual Digital Assets (VDAs). However, with SEBI’s suggestion to involve various regulators in supervising crypto trade in India, the market is abuzz with anticipation.
Exploring the Report in Detail
India’s recent approach to crypto by the market watchdog indicates a willingness of some authorities to consider the use of private virtual assets. The Indian crypto community eagerly awaits further details on this matter.
Ashish Singhal, Co-founder of CoinSwitch, expressed optimistic sentiments regarding this development. He stated, “SEBI’s positive stance on crypto is uplifting, given their successful oversight of the Indian stock markets. A supportive regulatory environment has historically facilitated consumer adoption in various sectors like telecom, IT, and e-commerce. While this is just the beginning, SEBI’s decision is a promising step forward for the crypto community in India.”
RBI’s Examination of Crypto: What’s the Latest?
The narrative of India’s stringent control over crypto dates back to 2013, when the RBI cautioned entities involved in crypto transactions. Subsequently, in 2017, crypto trading services were suspended for banks and other regulated institutions, as previously mentioned.
However, at the recent G20 summit, India emphasized the global necessity for efficient regulation of such assets. These recent developments offer a glimmer of hope for participants in the Indian crypto market.
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