- SEBI proposes multi-regulator oversight for cryptocurrency trading, diverging from RBI’s concerns.
- Stablecoins could face prohibition, the panel aims to finalize recommendations by June.
- India’s regulatory stance on cryptocurrencies remains stringent despite Supreme Court intervention in 2018.
India’s Securities and Exchange Board of India (SEBI) has proposed a novel regulatory framework for cryptocurrencies, advocating a multi-regulator approach, according to Reuters.
This proposal marks a potential shift in the country’s stance on private virtual assets, but it remains to be seen if it will be adopted.
SEBI’s perspective reportedly differs from that of India’s premier bank, Reserve Bank of India (RBI), which has expressed concerns about the potential macroeconomic risks associated with private digital currencies in a separate report.
Both SEBI and RBI submissions have been forwarded to a government panel currently formulating financial policy.
India’s regulatory approach towards digital assets has been marked by uncertainty since the RBI’s 2018 directive prohibiting financial institutions from engaging with cryptocurrency users and exchanges. Des…
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