Fun

India’s SEBI recommends local regulators monitor crypto trading

News Feed - 2024-05-17 02:05:00

Ana Paula Pereira6 hours agoIndia’s SEBI recommends local regulators monitor crypto tradingDocuments reveal SEBI’s recommendation for distributed regulatory oversight of cryptocurrencies in India.2224 Total views2 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksThe Securities and Exchange Board of India (SEBI) has suggested that multiple regulators should oversee cryptocurrency trading in the country, according to recently disclosed documents seen by Reuters. 


The documents suggest that a division within India’s financial authorities should handle the regulatory oversight. In a separate document, the Reserve Bank of India (RBI) argued that digital currencies pose a macroeconomic risk to the country.


Government officials submitted the documents to a panel tasked with advising the country’s finance ministry on policy, said Reuters.


Rather than having one unified regulator dealing with digital assets, SEBI recommended that different regulators should collectively oversee digital assets activities falling under their jurisdiction.


In this case, SEBI would monitor digital assets classified as securities and initial coin offerings, as well as issue licenses for financial products. Meanwhile, the Reserve Bank would oversee fiat-backed stablecoins.


Crypto-related insurance would fall under the domain of the Insurance Regulatory and Development Authority of India, and the Pension Fund Regulatory and Development Authority would regulate pension matters related to digital assets. India’s Consumer Protection Act should be applied to disputes between investors.


The country’s Reserve Bank has a more skeptical view of cryptocurrencies. According to sources familiar with the matter, the RBI supports the idea of banning stablecoins. The agency further highlighted concerns that digital assets could facilitate tax evasion and noted that decentralized peer-to-peer transactions in cryptocurrencies depend on voluntary compliance, posing risks to fiscal stability.


The RBI also holds that cryptocurrencies may result in a loss of income from money creation for central banks.


India has been working on adjusting its regulatory framework to include digital assets. In December 2023, the country issued 15 notices of noncompliance to foreign crypto exchanges, blocking the firms’ URLs and mobile applications for local users.


At the time of writing, KuCoin and Binance are the only exchanges able to obtain licenses from the Financial Intelligence Unit to restart operations. The Indian government recently called members of the G20 to join forces in regulating digital assets.


Magazine: What do crypto market makers actually do? Liquidity, or manipulation# Bitcoin Regulation# India# Digital Asset# RegulationAdd reaction

News Feed

Zhiyuan Sun8 hours agoImmutable delays $67M token vesting by another year125 million IMX tokens allocated for developer rewards will be vested monthly starting July 2024.825 Total views8 Total sharesListen to article 0:0
Biggest Movers: QNT Hits 6-Month High, ATOM Falls to 20-Day Low
Biggest Movers: QNT Hits 6-Month High, ATOM Falls to 20-Day Low While crypto markets were mostly lower on Wednesday, quant rallied to a six-month high earlier in the day. Today
Brayden Lindrea9 hours agoArgentine presidential candidate wants CBDCs to ‘solve’ hyperinflationSergio Massa’s stance on central bank digital currencies appears to be in complete opposition to Javier Milei, a pro-B
Russia’s Sber Bank Aims for Blockchain Integration With Ethereum and Metamask
Russia’s Sber Bank Aims for Blockchain Integration With Ethereum and Metamask Banking giant Sber wants to integrate its blockchain platform with the Ethereum blockchain and the M
Coinbase teases ‘cbBTC’ days after BitGo Wrapped Bitcoin controversy
Tom Mitchelhill4 hours agoCoinbase teases ‘cbBTC’ days after BitGo Wrapped Bitcoin controversySpeculators think the post refers to Coinbase’s own wrapped Bitcoin product, which will potentially be launched on its l
Bitcoin Could Crash To $70,000, Warn Leading Financial Analysts
Este artículo también está disponible en español. The recent rejection at the $100,000 has prompted a wave of warnings from leading financial analysts, who caution that B
Nigerian Presidency: Vice President Yemi Osinbajo Against ‘Willy-Nilly Devaluation of the Naira’
Nigerian Presidency: Vice President Yemi Osinbajo Against "Willy-Nilly Devaluation of the Naira" The Nigerian presidency has denied reports that the country’s Vice President
KP2R Network: A Decentralized Marketplace for Developers
KP2R Network: A Decentralized Marketplace for Developers PRESS RELEASE. The past decade has witnessed a revolution in traditional finance led by the utilization
Derek Andersen5 hours agoCiti Token Services will provide payments, liquidity to institutional customersThe new blockchain-based service will use tokenized deposits for trading and liquidity services after two pilots.927
Europol Arrests 10 Members of a Sim Swapping Criminal Gang That Stole Cryptocurrencies Worth $100 Million
Europol Arrests 10 Members of a Sim Swapping Criminal Gang That Stole Cryptocurrencies Worth $100 Million The European law enforcement agency, Europol, has arres
AMC to Accept Bitcoin for Movie Tickets and Concessions by End of 2021
AMC to Accept Bitcoin for Movie Tickets and Concessions by End of 2021 AMC Entertainment Holdings, Inc., plans to accept bitcoin by the end of 2021 according to
Naomi Osaka Reveals New NFT, Dogecoin Sparks Tennis Star’s Interest in Cryptocurrencies
Naomi Osaka Reveals New NFT, Dogecoin Sparks Tennis Star"s Interest in Cryptocurrencies The popular professional tennis player Naomi Osaka has been discussing non-fungible token (N