India’s SEBI recommends local regulators monitor crypto trading

The Securities and Exchange Board of India (SEBI) has suggested that multiple regulators should oversee cryptocurrency trading in the country, according to recently disclosed documents seen by Reuters.

The documents suggest that a division within India’s financial authorities should handle the regulatory oversight. In a separate document, the Reserve Bank of India (RBI) argued that digital currencies pose a macroeconomic risk to the country.

Government officials submitted the documents to a panel tasked with advising the country’s finance ministry on policy, said Reuters.

Rather than having one unified regulator dealing with digital assets, SEBI recommended that different regulators should collectively oversee digital assets activities falling under their jurisdiction.

In this case, SEBI would monitor digital assets classified as securities and initial coin offerings, as well as issue licenses for financial products. Meanwhile, the Reserve Bank would oversee fiat-backed stablecoins.

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