According to Reuters, India’s markets regulator has suggested that multiple bodies should have control over cryptocurrency trading. According to documents cited by Reuters, the Securities and Exchange Board of India (SEBI) issued a recommendation to a “government panel” that was entrusted with creating policies that the finance ministry would take into account. It further stated that by June, the panel could turn in its report.
The Reserve Bank of India (RBI), which “remains in favour of a ban on stablecoins,” takes a different stance from SEBI, according to a person with direct knowledge of the panel’s talks who was quoted in the paper. The RBI has stated time and time again that it believes that policy
The RBI could regulate assets backed by fiat currencies, such as stablecoins; the Insurance Regulatory and Development Authority of India (IRDAI) could supervise virtual assets related to insurance and pensions with the Pension Fund Regulatory and Development Authority (PFRDA); and SEBI could keep an eye on cryptocurrencies that take the form of securities and initial coin offerings (ICO).
According to the research, complaints from cryptocurrency investors should be handled under India’s Consumer Protection Act.sovereignty is in grave danger from cryptocurrencies.
The results of the national elections in India are expected on June 4. The country is unlikely to introduce a cryptocurrency or Web3-specific legal measure anytime soon, possibly not before mid-2025, according to Jayant Sinha, the chair of the parliament’s Standing Committee on Finance, who spoke with CoinDesk in December.
The Finance Ministry has been in charge of India’s cryptocurrency policy for the most part. Despite charging the sector heavily, the ministry has declined to state whether or not cryptocurrency is allowed in the country.
But there are indications that the cryptocurrency space is becoming more credible. Leading India’s effort to establish a global consensus around cryptocurrency during its G20 presidency was the Finance Ministry last year.
India would assess and determine its own stance on cryptocurrency in the upcoming months, according to a senior official. Although policy makers are ultimately responsible for legitimacy, a different ministry official stated last week that the registration of over 46 companies involved in cryptocurrency with the country’s financial intelligence agency indicates a change in trustworthiness.