SEBI Financial News

Indian crypto market is brimming with potential, with several decentralised homegrown projects taking off and building impact. However, an ambiguity around regulations has got all private players in the Web3 space tiptoeing around real use cases. The adoption rate might be high as compared to many other countries but given the percentage of the cell phone ownership rate and internet penetration, it could be much higher with clear regulatory guidelines set by the government. Here's why bringing cryptocurrency under the purview of the Securities and Exchange Board of India (SEBI) could be a game-changer. SEBI's Proven Track Record

On the momentous occasion of Bitcoin Pizza Day, Mudrex, a global crypto investing platform, orchestrated a grand celebration that transcended mere indulgence in culinary delights. Spearheaded by Edul Patel, CEO & Co-founder of Mudrex, the initiative aimed to commemorate the historic Bitcoin transaction of 2010 while fostering awareness and community engagement around cryptocurrency in Bengaluru. Partnering with over 30 WeWorks and collaborating with Zomato, Mudrex embarked on a mission to distribute pizzas to nearly 2,000 children from 25+ orphanages and shelter homes, alongside connecting with 500+ startups across the city. In an exclusive interview with ETMarkets, Edul Patel shares insights into the inspiration behind Mudrex's impactful event, its broader vision for cryptocurrency education, and ambitious plans for future outreach. Additionally, the conversation delves into the current trends shaping the crypto industry, including SEBI's regulatory stance and its implications for Indian investors. Could you share the inspiration behind Mudrex's grand celebration for Bitcoin Pizza Day? Edul Patel: On May 22nd, 2010, Laszlo Hanyecz, a programmer and early Bitcoin enthusiast made history by paying 10,000 Bitcoins for two Papa John’s pizzas.

Securities and Exchange Board of India (SEBI) has recommended several regulators oversee crypto trade nationwide. This move has sparked considerable interest within India's crypto community, given the RBI's historically strict control over digital assets. It's important to highlight that since 2018, the RBI has maintained strict control over cryptocurrencies, forbidding banks and other regulated entities from facilitating crypto transactions. However, SEBI's recent proposal for a multi-regulator approach to oversee crypto trading has injected a sense of anticipation into the market.

market watchdog has recommended that several regulators oversee trade in cryptocurrencies, documents show, the strongest signal to date that at least some authorities in the country are open to allowing the use of private virtual assets. The position of the Securities and Exchange Board of India (SEBI) contrasts with that of the Reserve Bank of India (RBI), which maintains that private digital currencies represent a macroeconomic risk, separate documents show.

Mumbai: Celebrities should be “circumspect” while featuring in cryptocurrency-related advertising, since crypto is an unregulated product in India, the Advertising Standards Council of India (ASCI) said. ASCI is a self-regulatory body, and its guidelines are not legally binding. In case of a breach, the standards body has in the past published the names of those who have not adhered to the guidelines. It also escalates such cases to the relevant government regulator. “We have always maintained that celebrities need to do their due diligence on the claims they endorse. The Consumer Protection Act, too, lays down penalties for endorsers in case the ad they feature in is found misleading, and if they have done no due diligence,” said Manisha Kapoor, CEO of ASCI.

ASCI) in February earlier this year, market regulator Sebi has now proposed to bar celebrities and public figures from endorsing cryptos. According to multiple media reports, the capital markets regulator said public personalities could be held accountable if crypto ads are found to be violating regulations. However, the ASCI said it isn't discussing changing its guidelines on crypto advertisements, clearing the air on its position as an important stakeholder on a suggested ban on Indian celebrities endorsing crypto products.

Is it possible for you to have crypto in your portfolio without actually owning the asset? Do you feel the process of crypto is complicated? Exchange-traded funds (ETFs) that invest in Bitcoin or a basket of virtual assets, including several cryptocurrencies, might be a solution to navigate the crypto Wild West. Are these investment products available to Indians? What are the dos and don’ts? Aseem Gujar & Partha Sinha explore… When the US SEC allowed the first crypto-based ETF to be listed in October 2021, Bitcoin’s price had rallied to its record high of $67,000. Though the ETF didn’t invest directly in Bitcoin and instead bought its futures contracts, it was still a key event in crypto’s history as it signalled regulatory and institutional acceptance in the world’s largest financial market. Crypto futures are derivatives of virtual currencies similar to products on stocks, commodities, and other fiat currencies that are traded on exchanges globally. In recent months, several types of ETFs linked to crypto have debuted globally — some invest in virtual assets directly, some stick to futures, while others focus on stocks of companies that are in blockchain & other crypto-related areas. The first US ETF had created market history as it attracted $1 billion within days of its debut. But ETFs don’t just bring higher inflows, they also allow for a wider investor pool. Institutions and individuals are drawn to crypto ETFs as they are regulated investment vehicles. Presented ByDid you Know?You can earn in

The Indian crypto community is keenly awaiting tax measures on crypto-related income in Budget 2022 which is set to unveil on February 1. Per reports, the government is looking out for advice from various taxation experts on this matter.

Nischal Shetty, founder at cryptocurrency exchange WazirX. Speaking at a CII virtual event earlier today, Shetty said he sees the cryptocurrency universe in India growing exponentially with more than 1,000 startups working on various technological aspects of the blockchain. India currently has more than 15 million cryptocurrency users in the country holding assets worth more than $6 billion.

By Abhijit Roy Chowdhury and Shruti Srivastava India is considering appointing its capital markets regulator to oversee cryptocurrencies, according to people with knowledge of the matter, as authorities look to classify them as financial assets.

Sebi), Reserve Bank of India (RBI) and the tax department to scrutinise Know Your Customer (KYC) data of investors that crypto exchanges have collected from clients. According to two people aware of the development, the new regulations would mandate cryptocurrency exchanges to share their KYC data, which mainly includes details of their investors, with the government.

cryptocurrency exchanges that are similar to chit funds, multi-level marketing (MLM) and systematic investment plans (SIP), as it seeks to build a robust regulatory framework to protect vulnerable rural populations buying risky crypto assets.

Active solicitation by companies including exchanges and platforms would be barred, people with knowledge of the matter told ET. The government is finalising legislation that will pave the way for regulation of crypto asset trading while barring the use of virtual currencies for payments and transactions.

The government is likely to take a “middle path” on cryptocurrencies as it finalises a digital assets bill that may be tabled in the upcoming winter session of Parliament, The Economic Times has reported about the keenly watched piece of legislation as cryptocurrency gains popularity among young Indians.