India's Market Regulator Suggests Shared Crypto Oversight Even as RBI Seeks Stablecoin Ban: Reuters
India's markets regulator, SEBI, recommended cryptocurrency trading oversight to be divided among multiple authorities. SEBI proposed monitoring securities-based cryptocurrencies and ICOs, while the RBI could regulate stablecoins. The IRDAI and PFRDA would oversee insurance and pension-related virtual assets. Investor grievances would be resolved under the Consumer Protection Act. India's crypto policy has been under the Finance Ministry, which has not clarified the legal status of crypto but has imposed high taxes. The country is unlikely to introduce specific crypto legislation before mid-2025. Despite this, there are signs of a shift in credibility for crypto in India, with the Finance Ministry leading efforts to establish global consensus around crypto and the registration of over 46 crypto-related firms with the nation's financial intelligence unit.
