Reserve Dollar

Bank

Reserve

Coin

A positive development happened in favor of the <a href="https://news.todayq.com/indian-police-officer-grilled-over-missing-crypto-evidence/" rel="noopener noreferrer nofollow">Indian crypto community</a> after dealing with some uncertain rules. The Securities and Exchange Board of India (SEBI) proposed that multiple regulators should come ahead to oversee different aspects of the crypto market. SEBI makes an advanced move 
According to a report, SEBI’s approach outlined in documents shows a sharps difference with the Reserve Bank of India’s (RBI) stance against crypto trading. The documents submitted to the government panel are responsible for advising the finance ministry on the matter. However, this move suggests SEBI’s willingness to look over certain crypto linked activities.
It is important to note that this proposal made by the regulator will ease India’s tough stance on digital assets. Moving with harsh opinion, the RBI had banned banks from dealing with crypto linked stances in 2018. Meanwhile, this decision was later overturned by the apex court of India.
Back in 2021, a draft bill targeting a ban on private cryptos was anticipated to be proposed but it never made it to the table. During the time of the G20 presidency in 2023, the Indian government went ahead to advocate for a much needed global framework to watch over these digital assets activities. However, it highlighted the complex nature of policies evolving over the globe. What can be new rules? 
The report mentions that the recommendations made by SEBI include different watchdogs to keep an eye on crypto activities but they need to stick within their domains. It is being suggested that this would align India’s regulatory approach more closely with the outlook the US adopted.
It added that the SEBI advised that it could regulate cryptos that function as securities and manage Initial Coin Offerings (ICOs). However, the watchdog can also handle licensing for equity linked digital assets. Meanwhile, RBI can control stablecoins which are pegged to fiat currencies.
Despite SEBI’s progressive stance, the RBI continues to view private digital currencies as a macroeconomic risk and supports a ban on stablecoins. The finance ministry, SEBI, RBI, IRDAI, and PFRDA did not respond to requests for comment on the proposals. The government panel is expected to finalize its report by June, which could pave the way for a nuanced regulatory framework that balances innovation with financial stability.

India’s SEBI proposes new framework for Crypto regulations

Todayq News

Other articles published on May 16, 2024

Investor Move From Dogecoin And Avalanche: DTX Presale Offers 25x Opportunity

Anthony Scaramucci Reiterates Bitcoin Bullish Drive Amid Institutional Inflows

Pepe Price Plunges 6% As Investors Shift Focus To The Chain-Hopping Dogeverse ICO For Parabolic P...

Breaking: Tether, Oobit, and TON Unveil New Crypto Payment Solution

Hedge Fund Millennium Management Reveals $2 Billion Holdings Across Five Spot Bitcoin ETFs

Shiba Inu Whale Activity Crashes, But Cardano Volume Jumps 90%, What’s Going On?

Join our free newsletter for daily crypto updates!