In India, SEBI is a govt organisation looking into the stock market. Securities and Exchange Board of India (SEBI) and their main job is to control the security market and draft guidelines and regulations. The stock market in India is completely regulated and every part is well managed where the possibility of any issue is almost nil. The crypto market in India is not at all regulated and there is no clarity on the rules that need to be followed by the Community.
Now this government organisation has come forward and they have recommended to the government that they manage this part where they will be taking care of the securities and overall crypto trades in the country. Since this is the government body that has been taking care of this stock market they should be able to manage this part well in the crypto market as well. Although they have given a bifurcation that they will be taking care of the crypto trades segment other parts like stable coins will be RBI and insurance sectors within the Crypto should be taken care of by other government bodies. For all these issues the consumer court will be the right point of contact for the users to approach in case of any issue.
SEBI's approach mirrors that of regulatory frameworks in countries like the United States, where oversight extends to crypto assets categorized as securities, as well as emerging offerings such as Initial Coin Offerings (ICOs)
This is considered good news in the Indian Crypto market because now since a government body is trying to look into a crypto segment it is anticipated that sooner or later we are going to have a legal form in the country. If it happens then probably the exchanges are going to get more support from the government and the banking system will also enable the banking support to them.
As of now no timeline is shared by SEBI but looks like this is going to happen soon and hopefully this should add more value to the overall industry in the country and make things easy for the existing and new investors in the Crypto market. It is also a signal that this organisation understand and realises the potential of crypto which is why they do not want to miss out on India on this part and this should be surely taken care of.
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