Shiyi Securities and Exchange Commission (SEBI) has sent officials to Japan, the United Kingdom, and Switzerland to study how the financial regulators in these three countries regulate cryptocurrencies and initial token issuance. The Securities and Exchange Commission of India hopes to work with international regulators to gain an in-depth understanding of cryptocurrency monitoring systems and mechanisms to improve their business processes.
Indian regulator officials are sent to study in Japan, the UK, and Switzerland
According to the latest 2017-18 report of the Securities and Exchange Commission of India, they have sent some officials to Japan, the United Kingdom, and Switzerland to study how local regulators deal with cryptocurrencies. In the annual report, the Securities and Exchange Commission of India stated:
“The Indian Securities and Exchange Commission will regularly send internal officials to overseas inspections, which will help promote cooperation with international regulators and gain insight into cryptocurrency monitoring systems and mechanisms in other countries.”
The Securities and Exchange Commission of India specifically pointed out that they have benefited a lot from these learning experiences and the knowledge gained helps to improve the way the Securities and Exchange Commission of India handles cryptocurrencies. Based on the information they disclosed, the Securities and Exchange Commission of India organized a study tour to study the Financial Services Authority (FSA), the UK Financial Conduct Authority (FCA) and the Swiss Financial Market Regulatory Authority (FINMA) to study how Encrypted currency and initial token issuance.
The Bank of India will also visit foreign regulators
The Indian Securities and Exchange Commission is not the only Indian regulator to focus on overseas markets. Recently, the country’s central bank, the Reserve Bank of India (RBI), also released the 2017-18 annual report, which specifically used a section to discuss the issue of cryptocurrency. The Reserve Bank of India wrote:
“On a global scale, some countries have implemented a ‘one size fits all’ complete restriction strategy, while others have adopted a light supervision approach… Japan and South Korea account for the largest share of the global crypto asset market.”
The Reserve Bank of India also confirmed that they have been paying close attention to the cryptocurrency market and reiterated that it still prohibits local banks from providing services to cryptocurrency companies. According to a report Shiyi in April this year, Shubham Yadav, co-founder of Coindelta, the Indian encryption exchange, revealed that Indian cryptocurrency and blockchain startups are seeking to migrate to overseas countries, including Singapore, Switzerland. Estonia, Malta, Japan, Dubai and the Cayman Islands.
Status of Indian cryptocurrency regulatory policy
In fact, the Indian government has been studying cryptocurrency regulation policy. According to Subhash Chandra Garg, secretary general of the Indian Ministry of Economic Affairs, the relevant policy proposals have been prepared in July this year. As head of the Indian government’s cryptocurrency working group, Subhash Chandra Garg will be responsible for developing cryptocurrency regulatory measures, but the regulation is not expected to be completed before the end of the year.
At the same time, the Supreme Court of India will hold a hearing on September 11 to understand the cryptocurrency company’s petition against the Indian central bank ban. It is reported that the Indian Securities and Exchange Commission will also attend this hearing.
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