Indian regulatory officials take "study trips" to investigate cryptocurrency

The Securities and Exchange Board of India (SEBI) has established that its regulatory authorities visit other countries to investigate cryptocurrencies and initial coin offerings (ICOs).

According to an annual SEBI report, officials have already been on several tours in different countries such as Japan and the United Kingdom. The report states that the authorities participated in " study trips".

These were with the intention of visiting and learning from the Financial Services Agency (FSA) of Japan, the Financial Conduct Authority (FCA) and the Swiss Financial Market Supervisory Authority (FINMA) . The document explains that these trips were set up for " interact with international regulators and gain a deeper understanding of systems and mechanisms ".

Although the Indian central bank does not have a more friendly approach to digital offerings in the country, it drew attention to the regulation of cryptocurrency in its report [2017-198] of 2017 -2018, with particular attention to Japanese and South Korean regulations.

Users of Indian cryptocurrencies faced a difficult period at the beginning of this year in April, when the Reserve Bank of India had made moves to cut support from businesses and individuals dealing with criptovalute. The bank had stated that "[internationally] while the regulatory response to these tokens is not uniform, it is universally believed that they can seriously compromise the AML (anti-money laundering) and FATF (Financial Action Task Force) framework, negative impact on market integrity and control of capital, and if they grow beyond a critical dimension, they can jeopardize financial stability. "

An online petition against the motion obtained about 18,000 signatures at that time.

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