India and Turkey Advance Crypto Regulatory Policies

By: Eva Baxter

Both India and Turkey have made significant strides in the crypto policy landscape on May 16, potentially outlining a structure for businesses and investors operating in each country. According to Reuters, India's Securities and Exchange Board (SEBI) advocates for a multi-regulator supervision over cryptocurrency trading within the nation, while Turkey introduces a draft law aimed at enforcing licensing and registration obligations for crypto firms.

SEBI's proposal elaborates on its ability to supervise crypto securities, administer Initial Coin Offerings (ICOs), and issue licenses for equity market-related products. However, there is a conflict of interest between the SEBI and the Reserve Bank of India (RBI), with the latter expressing concerns about tax evasion and macroeconomic risks incurred by private digital currencies.

Meanwhile in Turkey, the proposed legislation outlines requirements for crypto exchanges and other companies to acquire licenses from Turkey's Capital Markets Board. If successful, this move will establish standards for platform management, services offered, and operational standards. The draft law will permit the Capital Markets Board the authority to further secondary regulation and develop regulatory procedures.

Both India and Turkey have historically maintained strict crypto policies due to concerns over illegal activities, theft, and regulatory controls. This recent development in both countries' regulatory landscape signifies a potential shift towards accommodating crypto activities within their confines.