The Indian securities regulatory body proposed a new approach to regulate the crypto sector under the jurisdiction of India.
The Securities and Exchange Board of India (SEBI) is the regulatory authority overseeing securities and capital markets in India. Regarding cryptocurrency, SEBI’s stance has been cautious. The Indian government and SEBI have several times expressed concerns about the risks associated with cryptocurrencies, such as market volatility, potential for money laundering, and investor protection. SEBI has not formally regulated cryptocurrencies but has often issued warnings about their risks.
Recently the SEBI body submitted a proposal to the Government panel to adopt a decentralised crypto regulatory approach, to regulate the crypto sector & ensure the safety of the investors.
As per SEBI’s suggestion, the crypto sector should be regulated by multiple financial regulators simultaneously for example the Reserve Bank of India would regulate crypto assets backed by fiat currencies, while the Insurance Regulatory and Development Authority of India (IRDAI) and the Pension Fund Regulatory and Development Authority (PFRDA) would oversee insurance and pension-related virtual assets, respectively.
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No doubt that the Indian Central Bank RBI has been a big crypto-hater government body and never passed any positive comments regarding cryptocurrencies. Many times RBI proposed the idea to impose a ban on the cryptocurrency circulation in the country citing the highly volatile nature of the crypto assets.
Here it is worth it to note that SEBI showed its clear intention of regulation, instead of banning ideology.
In early 2022, the Indian finance ministry imposed a 30% crypto tax against profit generated for every crypto transaction & additional 1% TDS (a type of advance tax).
At the time, the finance ministry clearly stated that crypto taxation rules were not a guarantee of future crypto regulation in India.
Read also: Bitcoin is currently 16% high month-to-date but analyst says a big crash of -10% is coming
A very big positive news for the Indian crypto sector, is crypto regulation coming?
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