India’s SEBI Officials to Learn Crypto Regulations with Switzerland, UK and Japan
Officials From India Visit Supervisory Bodies In Switzerland, UK And Japan
India’s Security and Exchange Board recently disclosed in its yearly report that it had dispatched some executives to 3 nations to undertake studies on how regulators in the countries deal with cryptocurrencies.
According to the report, the institution will make it possible for the officials to take study tours of the authorities in the three nations. This will go a long way in assisting them to interact with the global regulators and thus get access to an in-depth understanding on the structures as well as contrivances.
According to the securities regulator, the institution has greatly benefited from the experiences as well as the knowledge transfer, which has in turn augmented the developments within the institution.
As an institution, India’s Security and Exchange Board planned the study tours to the regulators in these nations to study ICOs as well as virtual assets.
RBI Also Observes Overseas Supervisory Bodies
It is worth noting that India’s Security and Exchange Board is not the only one that gives consideration to other authorities. In recent times, the Reserve Bank of India (RBI) circulated its yearly report for 2017-2018 with some emphasis being given on cryptocurency. After taking note on the way other international regulators deal with virtual assets, RBI realized some variations.
For instance, while a number of supervisory bodies that responded to virtual assets in some nations in reasonably light regulatory approach, others like South Korea and Japan have big shares in the crypto industry.
Virtual Asset Firms Going To Other Jurisdictions
According to RBI, there is need for it to keenly look at the virtual asset industry. As a result, it has recently banned all fiscal institutions from offering services to virtual asset firms.
Following the ban, Shubham Yadav, who co-founded Coindelta, an Indian based crypto exchange, said that most of the virtual asset firms are considering having their ventures registered in other nations.
Some of the nations that the crypto firms are looking forward to go in order to register their companies include Dubai, Japan, Singapore, Cayman Islands, Switzerland, Malta, and Estonia. It has been noted that some of these countries are crypto friendly and have put in place regulations which support the thriving of the industry.
Virtual Asset Regulations In India
The government of India has in the recent past been working on how it can regulate the crypto industry. The Secretary in the Department of Economic Affairs, Subhash Chandra Garg, asserted that the proposal for the same is supposed to be availed by July.
With Garg spearheading the team which was unveiled late last year, they have been charged with the responsibility of giving the recommendations on virtual asset regulations. It was however reported earlier that the regulations may not be ready until the end of this year.
In the meantime, the Supreme Court in India is in the process of hearing litigations against India’s central bank, which is accused of wrongly putting a ban on virtual asset banking. The virtual asset industry hopes that the court will lift the injunction which was enforced by the RBI.