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.
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