The Securities and Exchange Board of India (SEBI) which oversees the stock market in India has recently recommendation that several regulators should oversee cryto trade too. This is a good start to be honest as crypto community in India has been long waiting for the regulation. It has sparked an interest to many crypto enthusiasts given the fact that Reserve Bank of India (RBI) usually have a stricter say when it comes to crypto.
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Since RBI has been very strict regarding the crypto and have even asked the banks to not facilitate any crypto related stransactions but with SEBI giving the recommendation it is viewed as good for the community. The SEBI approach is simple that it will take the expertise of several financial institutions and oversee the crypto sector. And with that the much needed regulations will come into effect and giving good confidence to the investor.
The approach might need more fine tuning and it can become quite balance when more and more financial institutions give their feedback. And it will also help reduce the market abuses as well as increases the integrity of the ecosystem. This will also help more and more people to adapt the crypto because it will be regulated by the SEBI or other financial institutions.
It might become like some country's regulations but it will also help the people to gain the confidence to trade as much as possible without worrying about much or the consequences which we have to think about it as of today. Since RBI's concerns is also valid because crypto can be used for tax evasion and other things.
But with the regulations in place we can actually track everything and thus can help the government take necessary action against the culprit. In this way it is a win win situation for everyone and mostly Indians who wants to invest in crypto. And who knows in future there will be an ETF or Mutual Fund for crypto too.
Posted Using InLeo Alpha