🐘🐘🐘 Multi-Regulation in India🇮🇳: The Season of Crypto-Terror Opens

🐘🐘🐘 Multi-Regulation in India🇮🇳: The Season of Crypto-Terror Opens

The Securities and Exchange Board of India (SEBI) will join the oversight of cryptocurrency exchange activities. Meanwhile, the Reserve Bank of India (RBI) believes that supervision is not enough and that stablecoins should be banned to avoid risks.

➡️ SEBI representatives have stated that “a single regulator risks becoming part of a corruption scheme in one way or another.” They have also offered to be the entity that will grant licenses for products related to the securities market.

➡️ To review these initiatives, a special government commission has been created. If this proposal is approved, SEBI will become the equivalent of the SEC in the USA🇺🇸.

➡️ The Insurance Regulatory and Development Authority of India (IRDAI) and the Pension Fund Regulatory and Development Authority (PFRDA) will regulate virtual assets related to insurance and pensions. A survey revealed that 45% of Indian users with retirement plans are investing in crypto.

➡️ So far, cryptocurrencies and corresponding bans in India have been handled by the Financial Intelligence Unit (FIU-IND), an organization under the Department of Revenue, operating under the Prevention of Money Laundering Act, which has been in effect since 2002.

#news #crypto #India

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