Indian Finance Committee Recommends Introducing Interim Self-Regulatory Organization Mechanism to Regulate Crypto Market
7x24h News
Indian Finance Committee Recommends Introducing Interim Self-Regulatory Organization Mechanism to Regulate Crypto Market
According to FinanceFeeds, India's Parliamentary Standing Committee on Finance has recommended that the government establish a transitional regulatory framework led by recognized self-regulatory organizations to implement transitional regulation on the cryptocurrency and virtual digital asset market, supervised by the Reserve Bank of India or the Securities and Exchange Board of India. The committee pointed out that while existing crypto assets are already taxed and included in anti-money laundering reporting requirements, the industry still lacks a clear statutory regulatory status, and investors face custody, operational, and fraud risks.
Navigating Web3 tides with focused insightsTechFlow News, July 24, according to FinanceFeeds, the Standing Committee on Finance of the Indian Parliament recommended the government establish an interim regulatory framework led by recognized self-regulatory organizations to implement transitional regulation on the cryptocurrency and virtual digital asset market, supervised by the Reserve Bank of India or the Securities and Exchange Board of India. The committee pointed out that while existing crypto assets are already taxed and included in anti-money laundering reporting requirements, the industry still lacks a clear statutory regulatory status, and investors face custody, operational, and fraud risks.
The report suggested that self-regulatory organizations be responsible for implementing consumer protection, platform transparency, token disclosure, segregation of customer funds, and user grievance mechanisms, to provide a transitional foundation for subsequent more comprehensive digital asset legislation.
