As a long-time crypto investor based in India, I’ve experienced the rollercoaster ride that is our country’s regulatory landscape regarding digital assets. The recent recommendation by SEBI for multiple regulators to oversee crypto trade has filled me with renewed optimism and excitement.
As a researcher, I’m excited to share an important update from India’s crypto sector. In a groundbreaking move, SEBI (Securities and Exchange Board of India), the country’s securities regulator, has proposed the establishment of multiple regulatory bodies to oversee cryptocurrency trading throughout India. This recommendation marks a notable shift from the Reserve Bank of India’s (RBI) stricter stance on cryptos. The announcement has sparked considerable interest and enthusiasm within the Indian crypto community.
It’s important to mention that the Reserve Bank of India (RBI) has exercised significant control over cryptocurrencies since 2017. This control extends to preventing banks and other regulated financial institutions from enabling crypto transactions, which are considered as Virtual Digital Assets (VDAs) by the Indian government. However, the Securities and Exchange Board of India’s (SEBI) recent suggestion for multiple regulatory bodies to manage crypto trading in India has sparked widespread excitement within the market.
A Closer Look Into The Report
India’s securities regulatory body has hinted at a somewhat welcoming attitude towards cryptocurrencies from certain Indian officials. Nonetheless, members of the Indian cryptocurrency community are anxiously looking forward to obtaining clearer and more extensive information regarding this topic.
Ashish Singhal, Co-founder of CoinSwitch, expressed enthusiasm regarding SEBI’s encouraging stance on cryptocurrencies. He stated, “India’s stock markets have flourished under the watchful eye of the Securities and Exchange Board of India (SEBI). A favorable regulatory climate has fostered widespread adoption in various sectors like telecom, IT, e-commerce, etc. This latest move by SEBI is just the beginning, and there will be intricacies to iron out. Nevertheless, this development brings hope to India’s crypto community.”
RBI’s Scrutiny of Crypto: What’s The Scoop?
India’s control over cryptocurrencies began as early as 2013 when the Reserve Bank of India (RBI) issued a caution to entities involved in crypto transactions. Later in 2017, banking services for crypto trading were discontinued for banks and other regulated institutions.
Despite the recent G20 summit, India emphasized the importance of effectively regulating digital assets. Lately, there have been encouraging signs for India’s crypto community.
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2024-05-16 16:39