SEBI may reg­u­late bit­coin mar­ket in In­dia

Banking Frontiers - - Blockchain -

Se­cu­ri­ties and Ex­change Board of In­dia (SEBI), the mar­ket reg­u­la­tor, is propos­ing to cre­ate a frame­work to reg­u­late the coun­try’s bit­coin mar­ket. News re­ports sug­gested that SEBI’s Com­mit­tee on Fi­nan­cial and Reg­u­la­tory Tech­nolo­gies (CFRT) has found it nec­es­sary to reg­u­late bit­coin trans­ac­tions to en­sure that In­dia’s pub­lic is­sue norms are not breached. The com­mit­tee in­tends to en­sure that bit­coins, its de­riv­a­tives, or any other cryp­tocur­rency are not be­ing used as a medium for fund­ing il­le­gal ac­tiv­i­ties and no en­tity is able to di­vert black money through the vir­tual cur­rency mar­ket. The com­mit­tee fears that through bit­coin ex­changes, sev­eral en­ti­ties may be po­ten­tially flout­ing pri­vate place­ment norms by col­lect­ing money from more than 200 ran­dom in­di­vid­u­als. SEBI is aware of the ex­is­tence of sev­eral web­sites and mo­bile apps, which act as bit­coin ex­changes for trans­act­ing in goods and ser­vices.

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