Indian Regulators Began to Implement the Cryptocurrency Regulation

It is reported by Quartz India media that the Securities and Exchange Commission of India (SEBI) has sent teams to other countries to study the regulatory measures being taken in these countries, including Japan, the United Kingdom and Switzerland, which proves that Indian regulators are searching the best way to monitor the blockchain and cryptocurrency industries with inspiration from other countries.

The cryptocurrency market in India was turbulent throughout 2018, but as Indian various fiscal and regulatory institutions began to synchronize their views on the future of cryptocurrency, they are further studying the best form of cryptocurrency regulation.

The countries that SEBI visited involved Japan, the United Kingdom and Switzerland, all of which have adopted a neutral approach to the cryptocurrency market. In these countries, the team visited various regulators to discuss how the countries deal with major cryptocurrency like eth coin, ICO and exchange regulations.

The Central Government of India is also studying cryptocurrency regulations and requires the establishment of a committee whose sole purpose is to research and conclude how altcoins should be regulated, including lsk token, tenx token and so on. The committee is led by Ajay Tyagi, who is also the chairman of SEBI, and other members, BP Kanungo, deputy director of the Reserve Bank of India (RBI) is involved as well.

The complex relationship between India and cryptocurrency began in April, when the government took an unprecedented action to ban cryptocurrency transactions, restricting citizens from trading in virtual currency. After many other conflicting statements and actions published by members of various government groups in India, it seems that India has taken action to finalize cryptocurrency regulations.

The media first reported in August that the financial sector team devoted to cryptocurrency regulations specifically delayed the report on how to best regulate the industry in unforeseen time. It is anticipated that how the cryptocurrencies alike xem nem will develop in India.