The Securities and Exchange Board of India (SEBI) has sent some of the officials to UK, Japan, and Switzerland to study cryptocurrency and ico. This will be done by visiting the financial regulators in the above-mentioned countries. Last time we had reported Reserve Bank of India Forms Research Team to Study Cryptocurrency. This shows how the SEBI now is sending the study group abroad to study cryptocurrency.
According to SEBI annual report, this group will consist of 18 members and their duty would be to visit other countries and study how the regulators there manage cryptocurrency. These visits are planned for Japan’s Financial Services Agency (FSA), Switzerland’s Financial Market Supervisory Authority (FINMA) and, the UK’s Financial Conduct Authority (FCA).
This Study tour is going to help them to observe and understand how the international regulators handle cryptocurrency regulations. The experience of the international regulators will help them understand and improve the systems inside the SEBI.
Is India going to regulate Cryptocurrencies?
This is a question most of the traders and exchanges in India are asking and would like to know when the regulation on cryptocurrency is going to take place in India. According to Subhash Chandra Garg, Secretary in the Department of Economic Affairs stated that they have formed a team and are working on cryptocurrency regulations. Thus, It is likely to see that by the end of the year the regulations might be enacted on cryptocurrencies.
Also, there is another important hearing this month. This is the supreme court hearing for the SBI ban on cryptocurrency accounts. This was postponed from July to September 11. So there is a chance we might expect some details after 11th of this month. So let us wait for the hearing from the supreme court.
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