The Securities and Exchange Board of India (SEBI) has set for its regulatory authorities to tour other countries in order to investigate cryptocurrencies and initial coin offerings (ICO).
According to an annual SEBI report, officials have already been on several tours to different countries such as Japan and the UK. The report states that the authorities have been on “study tours”.
These were with the intention of visiting and learning from Japan’s Financial Services Agency (FSA), the U.K. Financial Conduct Authority (FCA) and the Swiss Financial Market Supervisory Authority (FINMA). The document explains that these trips were set up in order to “engage with the international regulators and gain deeper understanding of the systems and mechanisms”.
Although the Indian central bank does not have the most friendly approach to digital tender within the country, it drew attention to the regulation of cryptocurrency within its 2017-2018 report with a particular focus on Japanese and South Korean regulations.
Indian cryptocurrency users faced a hard time earlier this year in April when Reserve Bank of India had made moves to cut support from businesses and individuals who were dealing in cryptocurrencies. The bank had stated that “[internationally], while the regulatory response to these tokens are not uniform, it is universally felt that they can seriously undermine the AML (anti-money laundering) and FATF (Financial Action Task Force) framework, adversely impact market integrity and capital control. And if they grow beyond a critical size, they can endanger financial stability as well.”
An online petition against the motion gained some 18,000 signatures at the time.