The Indian government may be regulating crypto as an asset class under the purview of the Securities and Exchange Board of India (SEBI)
According to information from New Indian Express, the Indian government is reportedly considering regulating cryptocurrency as an asset class.
The Indian government may regulate cryptocurrency as an asset class
India may be regulating cryptocurrencies as an asset class under the interest of the Securities and Exchange Commission of India (SEBI). Additionally, a cryptocurrency bill is likely to be introduced during the Monsoon session of parliament.
The Indian government has yet to introduce a cryptocurrency bill. An existing bill seeks to ban cryptocurrencies. However, there have been reports of the government re-evaluating the recommendations in the bill.
The report stated:
“The government has moved away from its earlier hostile stance towards virtual currencies and will most likely classify bitcoin as an asset class in India soon. Market regulator Securities and Exchange Board of India (SEBI) will oversee regulations for the cryptocurrency sector after bitcoin’s classification as an asset class.”
Before that, the Indian government will set up an expert panel to come up with new recommendations aimed at overseeing the crypto industry in India. Furthermore, an expert panel at the Ministry of Finance is working on formulating the country’s cryptocurrency policy.
The report adds:
“A cryptocurrency regulation bill is likely to be tabled in the Parliament during the Monsoon session.”
Last week, India’s central bank, the Reserve Bank of India (RBI), issued a notice to banks about its April 2018 circular that banned financial institutions from providing services to crypto businesses and traders. The bank said the circular is no longer valid following a high court ruling last March, emphasizing that banks cannot cite the circular when making decisions about cryptocurrencies.
However, the central bank reiterated that its stance on BTC and other cryptocurrencies has not changed and it still has larger concerns. However, the central bank reiterated that its stance on BTC and other cryptocurrencies has not changed and it still has larger concerns. The Cabinet will soon issue a new draft proposal, which will review the overall scenario and offer the best course of action.
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