SEBI considers regulatory role in crypto trading, diverging from RBI's approach. Here's what experts think
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.
Reacting to this development, Edul Patel, CEO of Mudrex, expressed optimism, stating, «SEBI's proposal for multiple regulators to oversee the Virtual Digital Assets (VDAs) sector represents a balanced and pragmatic approach. This move can ensure comprehensive oversight by leveraging the expertise of various financial authorities, thereby enhancing regulatory clarity. It is a progressive stance that acknowledges the multifaceted nature of VDAs. Moreover, it can help in building investor confidence, as a well-regulated environment reduces the likelihood of market abuses and enhances the overall integrity of the ecosystem.»
Similarly, Ashish Singhal, Co-founder
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