The SEBI (Securities board Of India) has organized a tour for its officials to other countries to learn and understand ICO (Initial Coin Offering) and cryptocurrencies.
According to Indian regulators, the officials have already taken “study tours” in specific to study the ICOs and cryptocurrency at the FSA (Financial Services Agency) in Japan, the U.K. Financial Conduct Authority (FCA) and the Swiss Financial Market Supervisory Authority (FINMA).
The abroad investigation trips reportedly occurred to enable authorities “to draw in with the international regulators and increase further understanding of the systems and mechanisms,” the document states.
The report isn’t the first occasion when that Indian experts have communicated their interests in the way in which different countries approach cryptocurrency. For example, the Reserve Bank of India (RBI) also distributed its yearly report 2017-18 in which the authority attracts consideration regarding different kinds of crypto regulation around the world, concentrating on Japan and South Korea specifically.
The SEBI report comes against a foundation of a controversial RBI decision that became effective on July 5 and infers a prohibition on banks’ dealings with crypto-related organizations and people.
The Indian Supreme Court had upheld RBI’s restriction until the July hearing, which was later put off till September 11. The court also led not to grant interim relief to those affected by the ban.