Indian Regulators Responds to Crypto Regulation

Nishanth Shetty

October 11, 2018 3:33 pm

Crypto Regulation

Indian Regulators Responds to Crypto Regulation | Coindelite News
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A New Delhi based legal agency has asked 68 questions about cryptocurrencies to the Securities and Exchange Board of India (SEBI). The Indian regulatory body has finally responded to those questions asked by the agency called Blockchain Lawyer.

The response comes under the Right-to-Information (RTI) act. This act allows citizens to request information from any public authority. The company filed an RTI application to SEBI. The application asked about crypto regulations, their official stance, study tours and results of internal meetings over the crypto law.

Varun Sethi, the legal counselor at Blockchain Lawyer, revealed the information that his company received from SEBI. Mr. Sethi said that the regulators did not provide any straightforward answers to their questions. The regulator body ducked questions that could clarify the current status of crypto regulation in the country.

SEBI did not provide any information about its research on cryptocurrencies. According to the regulator, releasing such details can affect its strategic decision-making process. Answers for most of the questions were “too confidential” and “will harm competitive position.”

The regulator had sent three of its officers to crypto-friendly nations such as Switzerland and Japan on a blockchain study tour. But it refused to disclose the results of the tour. The regulator body stated that the revealing such strategic and confidential information might affect the interests of the securities market.

Mr. Varun further stated that his agency would file an appeal about SEBI’s unsatisfactory answers to the Indian crypto community. He has also posted the letter of application sent to the SEBI on Twitter.

Mr.Sethi said:

“Our primary thoughts are concerned with some claims in the reply. Like experts hired to speak, three officers sent abroad to understand blockchain, internal meeting in Oct 2017 about blockchain. But what is also concerning is lack of transparency in responses. Our next step shall be filing an appeal.”

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