Parliamentary panel recommends SRO to oversee India's crypto industry
India might soon get a cryptocurrency watchdog!
A parliamentary panel has recommended that the government consider allowing a recognized Self-Regulatory Organization (SRO) to 'oversee the crypto industry.'
This move is meant to protect investors while the country works on proper laws for digital assets.
The SRO would answer to big regulators like the Reserve Bank of India (RBI) or the Securities and Exchange Board of India (SEBI).
Committee urges tech friendly crypto laws
Right now, India taxes cryptocurrency but does not have clear rules for how it is regulated.
The committee wants new tech-friendly laws so blockchain-based tokens stay in check.
The RBI is still worried about cryptocurrency's risks for the economy, but industry voices like Manhar Garegrat, India Head at Liminal Custody say this step will give much-needed clarity and help build trust, plus offer some short-term protection for investors.