Indian financial regulator Securities and Exchange Board of India (SEBI) has sent its officials on ‘study tours’ to Japan, UK and Switzerland to learn about cryptocurrencies and ICOs. In its annual report for 2017-18, SEBI revealed that its officials went to these countries to engage with global financial agencies and gain a deeper understanding of their cryptocurrency regulatory mechanisms. According to reports, SEBI officials went on study tours to Financial Services Agency (FSA), Japan, Financial Conduct Authority (FCA), UK and Financial Market Supervisory Authority (FINMA), Switzerland.
It is good to see some proactive steps being finally taken by Indian regulators to understand cryptocurrencies. These countries, especially Japan and Switzerland, have been extremely open to cryptocurrencies and following their regulatory model should provide a great boost to Indian entrepreneurs in the crypto space. We hope that cryptocurrency regulations take a positive shape in the country soon.
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