India’s Securities and Exchange Board (SEBI) has sent its top officials to foreign countries to study current and emerging cryptocurrency and ICO trends. According to SEBI, the trip made by its top officials is aimed at gathering the latest information on initial coin offerings as well as any current trends on how other countries handle digital currency trade. The report says that the officials will visit different countries comparing and contrasting how they deal with every form of cryptocurrency.
A Learning Trip To Three Countries
The announcement that SEBI officials will be traveling to three foreign countries; Japan, the UK, and Switzerland was made public recently. When making the announcement, SEBI said that it is high time India became at par with other countries that have for a long time embraced cryptocurrency trade. Apart from facilitating the officials, the securities and exchange body announced that the tour will help them learn many things from the respective countries with regard to how they handle digital currency trade.
An official report from the Indian Securities Exchange body said that its officials will visit specific crypto-based regulators to learn. The officials will not be on a vacation. They have been sent to deepen their understanding of how to handle an important matter pertaining to digital currency trade.
The report read:
SEBI has organized study tours that will see some of its officials visit Switzerland’s Financial Market Supervisory Authority (FINMA), UK’s Financial Conduct Authority (FCA), and Japan’s Financial Services Agency (JFA) to have a deeper understanding of the cryptocurrency trade and ICOs,
Sending officials to foreign trips to learn about cryptocurrency is not an exercise that is enjoyed by the officials alone. Recently, during the release of its 2017/18 annual report, the Reserve Bank of India (RBI) announced that it is time India put emphasis on cryptocurrency trade.
RBI made this announcement after taking a keen look at how other international digital currency regulators deal with the trade especially the virtual assets. In its report, RBI said that it had observed a number of variations that prompt further study into the way other regulators handle the trade. The bank noted that while several countries accept the use of cryptocurrency trade, they enact favorable laws that guide the trade. Some of these countries, however, have massive shares in the cryptocurrency industry than others. RBI gave examples of Japan and South Korea that have massive shares in the digital currency sector.
When releasing its annual report recently, the RBI went on record to say that cryptocurrency regulation is a must for any digital trade to take place swiftly.
In recent days, the world has seen some fierce regulations on cryptocurrency trade in jurisdictions that no one thought that could happen. Some of the well-known administrations have gone to an extent of clamping down the trade of digital coins while others have given the matter a ‘light-touch’ approach. To mention a few, however, Japan and South Korea continue to lead other countries in having the biggest virtual asset shares,
In April, RBI banned several local banks and financial institutions from offering physical and virtual crypto transactions. The ban affected several banks, financial institutions, and crypto exchanges leading to many investors closing down their accounts.
One of the investors who was affected by the ban is Shubham Yadav, Coindelta’s co-founder. After the circular by RBI to ban crypto trade was out, Yadav was quoted saying,
This move is going to send away investors from our country. They will definitely find a conducive environment where they can register their accounts and do business as usual.
Some of the ‘conducive’ environments Yadav was referring to include Dubai, Japan, Malta, Estonia, Cayman Islands, Switzerland, and Singapore.
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