In the newest edition of our cryptocurrency expert analysis, we are talking about regulation. Specifically, India’s plans to officially regulate the crypto market.
Apparently India is ready to regulate the cryptocurrency trading market – and a proof of this is the fact that a group of officials recently visited the countries of Japan, Switzerland and UK all in order to study cryptocurrency regulations in the overseas markets – specifically the markets with major digital asset exchange activity and well-developed crypto communities.
It seems like businesses and associations in the cryptocurrency and blockchain sector are expected to participate in the hearing alongside the Securities and Exchange Board of India (SEBI) in order to discuss the future of the cryptocurrency market in India.
We can all remember India’s activities regarding crypto in July this year – when the supreme court of India declined to reverse the ban on cryptocurrency trading that was imposed by the Central Bank of India, requesting banks to maintain their strict ban on providing any financial services to the businesses active in the crypto world.
However, the entrance of large-scale investment firms in the crypto market has led to an increase in the stability of India’s economy, mostly seen in the price movement of Bitcoin throughout August when it recorded the most stable month since June last year.
This increase, along with the fact that cryptocurrency exchanges are gaining more and more recognition, could give India a chance in this market. However, it would certainly take time, capital and resources to put such regulation in place.
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