India’s Regulatory Authority Issued a Notice Over Crypto

by in Cryptocurrency News

India crypto regulation

On October 21, India's top securities regulator, the Securities and Exchange Board of India (SEBI), issued a notice over crypto trading, telling advisers not to deal in assets that are unregulated in the country.

Related: Former RBI deputy governor calls for India to accept cryptos

In the [notice]https://www.sebi.gov.in/media/press-releases/oct-2021/dealing-in-unregulated-products-by-sebi-registered-investment-advisers_53370.html), SEBI announced it would take action against investment advisers providing services in unregulated assets, including digital gold and crypto.

In mid-March, the Indian government considered banning crypto. However, later authorities changed their approach seemingly and now plan to regulate the sector.

Recently, the CEO of the Indian major crypto trading platform, CoinSwitch, Kuber Ashish Singhal, announced being in talks with the regulators to answer their questions and concerns about the industry.

On October 6, 2021, the company raised over $260 million in a Series C funding round. Among the backers of the round were Andreessen Horowitz, Coinbase Ventures, Paradigm and others.

Thus, the valuation of CoinSwitch Kuber broke above $1.9 billion, making the company the latest unicorn from India. India is one of the leading countries in terms of crypto adoption. A recent survey showed that 30% of individuals from India said they held crypto.