India's market watchdog, the Securities and Exchange Board of India (SEBI), has suggested that more than one regulator should be appointed to oversee cryptocurrency trading, Reuters reported based on documents.
This proposal is considered one of the strongest signs that some authorities in the country are open to the use of private digital assets.
SEBI's approach contrasts with the view of the Reserve Bank of India (RBI), which argues that private digital currencies pose a macroeconomic risk. Documents from both institutions are aimed at formulating policy for consideration by a government panel for submission to India's Ministry of Finance.
India has taken a tough stance on cryptocurrencies since 2018, when its central bank banned dealing with cryptocurrency users or exchanges. However, this move was later canceled by the Supreme Court.
The government has drafted a bill to ban private cryptocurrencies in 2021, but it has not yet been implemented. Last year, as G20 president, India called for a global framework to regulate such assets.
RBI continues to support banning stablecoins. The panel plans to complete its report as early as June, a source with knowledge of the panel's discussions said.
However, SEBI did not support a single unified regulator for digital assets, suggesting that different regulators supervise activities linked to cryptocurrencies that fall within their purview. SEBI has proposed that its agency regulate cryptocurrencies in the form of new offerings (ICOs) and issue licenses for stock market-related products.
This approach reflects that securities and crypto exchanges fall under the jurisdiction of the Securities and Exchange Commission (SEC) in the United States. SEBI has also suggested that crypto assets backed by fiat currencies can be regulated by the RBI and the Insurance Regulatory and Development Authority of India (IRDAI) and Pension Fund Regulatory and Development Authority (PFRDA) should regulate insurance and pension-related virtual assets.
SEBI also recommended that the complaints of investors trading in cryptocurrencies be resolved under India's Consumer Protection Act.
In its presentations, the RBI warned of potential tax evasion and fiscal policy risks, as well as reliance on voluntary compliance in decentralized peer-to-peer (P2P) activities in cryptocurrencies. He also highlighted the potential loss of "seigniorage" income, the profit a central bank makes from money production.
Although the RBI's orders in 2018 were challenged and quashed by the Supreme Court, the central bank maintained its stance on the issue, demanding financial institutions to strictly comply with stringent anti-money laundering and foreign exchange rules and keeping cryptocurrencies out of India's formal financial system.
But trade is gradually increasing, and in 2022, the government is trying to control such transactions by imposing a tax on crypto transactions in India.
PLEASE READ CAREFULLY FOR THE GIFT OF 10 DOLLARS.
My friends, you know that we, the publishers, are doing everything we can for you here. We are informing you about the services and facilities offered to us by our authorities. I have never stopped supporting both the Cryptocurrency market and you as much as I could, and on the contrary, I am trying to provide more support.
THIS 10 DOLLAR GIFT CAMPAIGN IS A CAMPAIGN MADE SPECIALLY FOR ME BY BINACE. YOU CAN GET THE CONFIRMATION I SAID ABOUT THIS BY CONTACTING LIVE HELP. THIS IS A 10 DOLLAR CAMPAIGN MADE TO YOU THROUGH ME.
Now I will tell you how to receive your gift. First of all, Binance users who have registered with someone's reference and actively use futures transactions will unfortunately not be able to benefit from this promotion.
So who will benefit?
Our friends who have not activated the futures section yet, while activating your FUTURES trading section, you will earn 10 dollars when you open it by entering my reference code 88623008.
I EXPLAIN IN DETAIL.
My brothers and sisters who have become a Binance member without reference, please listen carefully;
When you do what I say, you will receive 10 USDT.
Enter the Futures Section from your application,
On the next screen, open your account by entering the code 88623008 in the REFERENCE CODE section,
My brothers and sisters who want to complete this transaction and receive the 10 USDT reward by MAY 1 can do so. After activating your account, all you have to do is open your first futures transaction.
The first 1,000 brothers to open a 200 USDT transaction by MAY 1 will receive a 10 USDT reward.
So let me give you a tactic like this: Even if you open and close 20x with a $5 transaction, you will be entitled to the reward.
However, even if you do this after May 1, your reward will not come. So get it done by May 1st. In fact, right now I say you can get it done in 5 seconds.
Very simple. Go to Futures, enter my reference code 88623008 and activate the account. Afterwards, just open a total of 200 USDT transactions and get 10 USDT reward.
WHEN WILL THE AWARD COME?
Your 10 dollar reward will arrive in the REWARDS section of your Binance application within 30 days, starting from May 1st. By activating it from there, you can use your reward of 10 dollars, or more than 300 liras, in futures transactions.
You can help your friends in need by sharing this post.
BY THE WAY, MY BROTHERS, PLEASE DON'T MISS YOUR LIKES. EVERY SHARE IS FOR YOU. SO DON'T WITHHOLD YOUR SUPPORT. DON'T FORGET TO FOLLOW IF YOU HAVE NOT FOLLOWED YET. KIND REGARDS.