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Treat crypto or digital tokens as securities of special class: CII
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moneycontrol.comCrypto or digital tokens should be treated as securities of a special class to which the provisions of existing securities regulations will not apply, and a new set of regulations appropriate to the context should be evolved and applied, CII said in a statement.
This would mean regulatory focus principally on dealings and custody, rather than on issuance (except where issuance entails an Initial Coin Offering (ICO) to the public by an issuer established in India), it said.
Centralised exchanges and custody providers that may be established in India, must be required to register with SEBI and to adhere to KYC and AML compliance requirements that apply to financial markets intermediaries, it said, adding they should be held legally accountable
Read more on moneycontrol.comAbout this in other media
Treat crypto or digital tokens as securities of special class, says CII business-standard.com /2 years ago
Indian trade group recommends ‘special class security’ status for crypto cointelegraph.com /2 years ago
Proposed bill banning crypto payments could mean jail for violations economictimes.indiatimes.com /2 years ago
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