Buy Bitcoin here
  • Crypto
    • Bitcoin News
    • Ethereum
    • Altcoin
    • Blockchain
    • Blockchain Companies
    • Cryptocurrency Exchanges
    • DeFi
    • Regulation
    • Cointelegraph news
    • Press Release
    • ICO News
      • ICOs Review
      • Upcoming ICOs
      • Scam
  • Education
    • CryptoTicker Starter Kit
    • Blockchain For Dummies
    • Crypto entrepreneurs
    • Free Resources
    • Events
    • Events Review
  • Prices
  • Exchange Comparison
  • Newsletter subscribe

  • News

    • Bitcoin News
    • Altcoin
    • Regulation
    • Blockchain Companies
    • Blockchain
    • Cryptocurrency Exchanges
  • News

    • Ethereum
    • Events Review
    • ICO News
    • Press Release
  • Education

    • CryptoTicker Starter Kit
    • Education
    • Blockchain For Dummies
    • Crypto entrepreneurs
    • Free Resources
    • Events
  • Cryptoticker

    • About us
    • Advertise
    • Media Kit
    • Submit your Press Release
    • Contact
    • Membership Login
  • Social Media

    Facebook Twitter Telegram Youtube
    • Newsletter
  • Crypto
    • Bitcoin News
    • Ethereum
    • Altcoin
    • Blockchain
    • Blockchain Companies
    • Cryptocurrency Exchanges
    • DeFi
    • Regulation
    • Cointelegraph news
    • Press Release
    • ICO News
      • ICOs Review
      • Upcoming ICOs
      • Scam
  • Education
    • CryptoTicker Starter Kit
    • Blockchain For Dummies
    • Crypto entrepreneurs
    • Free Resources
    • Events
    • Events Review
  • Prices
  • Exchange Comparison
Starter Kit Membership Search
English
English Deutsch
Menu
Search


Regulation

SEBI sends Indian officials to Japan, Switzerland & the UK

Posted On September 12, 2018 Abishek Dharshan 0

  • share 
  • share 
  • share 
  • tweet 
  • share 
  • share 

The government of India enforced a blanket ban on the buying and selling of all digital assets which came into effect earlier on July 5th.was set to come into effect July 5th, following a three month warning from April. It was a move intended to prevent illicit activities including money laundering, and follows a similar move two years ago that enforced the complete destruction of high-value cash notes. India has known to have taken a negative stance on cryptocurrencies in the past that have caused regulatory clashes and huge price swings within the local market. In mid-august, The Government of India also considered launching Crypto tokens for financial transactions in the country, even as the existing ban on cryptocurrency continued.

Meanwhile, various regulators and their associative bodies are formulating ways to bring about policy changes within the blockchain and cryptocurrencies market in India. The Securities and Exchange Board of India (SEBI) would be part of the ongoing court hearing which is also being closely followed by various corporations and cryptocurrency groups around the nation. The Securities and Exchange Board of India (SEBI) just released an annual report that highlighted an interesting move to send certain government representatives to the UK, Switzerland, and Japan to conduct a research analysis into their implementation of various cryptocurrency laws and regulations. These nations have been chosen due to their early implementation of positive regulatory stances nurturing the growth, trading, and transmitting of knowledge of cryptocurrencies and blockchain technologies.

Government concerns for Blockchain

The annual report had several concerns for the regulation of cryptocurrencies within India as mentioned here,
“Developments on this front need to be monitored as some trading may shift from exchanges to peer-to-peer mode, which may also involve increased usage of cash. Possibilities of migration of crypto exchange houses to dark pools/cash and to offshore locations, thus raising concerns on AML/CFT (anti-money laundering/combating the financing of terrorism) and taxation issues, require close watch.”

The government and SEBI’s main concern has always been with regards to customer’s data, anti money laundering, and cryptocurrency’s inherent volatility which lead to a lot of market speculation leading up to December 2017 and eventually causing their prices to crash. As Anand Bhushan, a partner at Shardul Amarchand Mangaldas & Co mentioned to Bloomberg earlier,

“Nobody is able to price the risk currently. The minute you have clarity on exchanges and whether digital currencies can be used as a medium of exchange or payment, or if it is a commodity, there will be less speculation and much more stability in pricing,”

Why Japan, Switzerland, and the UK?

The Securities and Exchange Board of India (SEBI) chose Japan, Switzerland, and the UK as the strategic locations to send its senior members for research primarily because of their past stances and decisions with regards to cryptocurrency regulations. For instance, Japan’s Financial Services Agency was one of the first financial agencies in the World to legally regulate cryptocurrency exchanges and establish a framework for their operations and growth within the country.

“Effectively, Japan is the first and only country that has a proper legal system regulating cryptocurrency trading. That’s a big deal. Before the law regulating cryptocurrencies, people worried about what would happen to their money if an exchange were to go bust.” as quoted by Midori Kanemitsu, the chief financial officer of one of Japan’s largest cryptocurrency exchange operator, bitFlyer Inc earlier this year.

Similarly, Switzerland and the UK have long been known as havens for foreign financial reserves and have introduced comparatively efficient laws allowing for the trading of cryptocurrencies. Crypto Fund AG, a Zug-based subsidiary of the Swiss Crypto Finance Group (CFG) had acquired a permit from the country’s financial market regulator, FINMA (Swiss Financial Market Supervisory Authority) to distribute funds to qualified blockchain investors recently as an example of steps made by the Swiss government in the right direction.

The future of cryptocurrencies in India

The strategies taken by the SEBI have so far proven to be negative towards cryptocurrencies and the proliferation of the blockchain space in India. They have generally tended to shut the Indian market from the rest of the World even though cryptocurrency and blockchain related jobs continue to see a 50 percent growth this year along with artificial intelligence (AI). If the SEBI introduces a positive regulatory framework based on this ongoing research, the future of cryptocurrencies and blockchain technologies could seem positive for India and the surrounding subcontinent.

Follow us on Twitter, Facebook, Steemit, and join our Telegram channel for the latest blockchain and cryptocurrency news

  • share 
  • share 
  • share 
  • tweet 
  • share 
  • share 

Trading Bitcoin is too complicated?

We highly recommend our Crypto-Starter-Kit to you! 

Or are you looking for the current Bitcoin Price in USD? Look no further!
Bitcoin Price, Ethereum Price, Ripple Price  

 

 

Follow us on Social Media and subscribe to our free crypto newsletter!

@Telegram
@Instagram
@Twitter 
@TikTok
@Facebook

Diskutiere mit uns!

About Trading @CT Trader
About Crypto in general @CT Inside

This post may contain promotional links that help us fund the site. When you click on the links, we receive a commission - but the prices do not change for you! :)

Disclaimer: The authors of this website may have invested in crypto currencies themselves. They are not financial advisors and only express their opinions. Anyone considering investing in crypto currencies should be well informed about these high-risk assets.

Trading with financial products, especially with CFDs involves a high level of risk and is therefore not suitable for security-conscious investors. CFDs are complex instruments and carry a high risk of losing money quickly through leverage. Be aware that most private Investors lose money, if they decide to trade CFDs. Any type of trading and speculation in financial products that can produce an unusually high return is also associated with increased risk to lose money. Note that past gains are no guarantee of positive results in the future. 

#India#Regulation#SEBI



You might also like

Blockchain Crypto Regulation

Three Blockchain Trends to Get Ready for in 2021
December 21, 2020
Crypto Regulation

Spain Plans To Combat Cryptocurrency Tax Fraud With New Law
October 13, 2020
Crypto Regulation

EU Wants to Regulate Cryptocurrencies by 2024
September 19, 2020

More from Regulation

What does Joe Biden Presidency mean for the crypto market?
Posted On January 20, 2021 Robert Weiss 0

Today, on January 20, 2021, Joe Biden was sworn in and became the 46th president of the United States. For …

Biden to Nominate Ex-MIT Blockchain Professor, Gary Gensler as Chairman of SEC
Posted On January 18, 2021 Santiago Burelli 0

As Trump finally concedes to Biden’s presidential win, Biden begins to enact his policies and nominate the future leaders of …

New U.S. Bill Aims to Introduce Blockchain into Federal Systems
Posted On January 4, 2021 Santiago Burelli 0

Representative Darren Soto, a Democrat from Florida's 9th district, filed the bill H.R.9067 on Thursday, December 31, 2020. H.R.9067 aims …

In order to support and motivate the CryptoTicker team, especially in times of Corona, to continue to deliver good content, we would like to ask you to donate a small amount. Independent journalism can only survive if we stick together as a society. Thank you


  • Top Broker

    Bybit
    bybit
    Review · Visit
    Plus500
    Plus500
    Review · Visit

    Top Exchanges

    Kraken
    Kraken
    Review
    Coinbase
    Coinbase
    Review · Visit
  • Newsletter subscription




  • News

    • Bitcoin News
    • Altcoin
    • Regulation
    • Blockchain Companies
    • Blockchain
    • Cryptocurrency Exchanges
  • News

    • Ethereum
    • Events Review
    • ICO News
    • Press Release
  • Education

    • CryptoTicker Starter Kit
    • Education
    • Blockchain For Dummies
    • Crypto entrepreneurs
    • Free Resources
    • Events
  • Cryptoticker

    • About us
    • Advertise
    • Media Kit
    • Submit your Press Release
    • Contact
    • Membership Login
  • Social Media












    Newsletter


  • Imprint
  • Privacy Policy
  • Non-liability Disclaimer
©2021 CryptoTicker

Share

Share stories you like to your friends