Turkey and India advanced crypto policies on May 16 that could create a framework for businesses and investors operating in each country.Reuters reported that the Securities and Exchange Board of India (SEBI) wants multiple regulators to oversee crypto trading in the country.In its recommendation, SEBI said it could monitor crypto securities, oversee initial coin offerings (ICOs), and issue licenses for equity market-related products.Other agencies could regulate insurance and pension-related virtual assets, while the Reserve Bank of India (RBI) would regulate fiat-backed cryptos.SEBI’s request is at odds with RBI’s position. The bank believes that private digital currencies are a macroeconomic risk. It expressed concerns about tax evasion, the need for voluntary compliance in P2P activities, and reduced profits from central bank money creation.SEBI and RBI outlined their position in documents submitted to a government panel for consideration, which Reuters said could “firm up its report as early as June.”Reuters also reported that Turkey’s ruling party presented a draft law that aims to have crypto companies meet licensing and registration obligations.If the proposed regulations succeed, crypto exchanges and other companies must obtain licenses from Turkey’s Capital Markets Board.The draft law outlines requirements and liabilities regarding platform management, offerable services, and operational standards. It aims to regulate certain activities, including crypto purchases, sales, and transfers among individuals in Turkey and crypto storage.The law would also grant the Capital Markets Board authority to advance secondary regulation and create regulatory procedures for companies and their transactions.India and Turkey both have strict crypto policies.In 2021, Turkey banned the use of crypto in payments, listing a lack of regulatory controls, use in illegal activities, theft, and irreversible transactions among its concerns.In 2018, India’s Reserve Bank banned financial institutions from engaging with companies that work with crypto. Though the rule was later overturned, broader financial regulations apply, and the Reserve Bank continues to urge against legalization.India has also taken other actions against crypto, including issuing compliance notices to foreign crypto exchanges and imposing IP bans on the exchanges.Accordingly, each of the latest developments advances regulations that could accommodate crypto activities in countries known for their harsh policies.Before transitioning to crypto writing in 2018, Mike studied library and information sciences. Currently, he resides on Canada’s West Coast.AJ, a passionate journalist since Yemen’s 2011 Arab Spring, has honed his skills worldwide for over a decade. Specializing in financial journalism, he now focuses on crypto reporting. Daily digest of top crypto stories and market insights. Never miss out.Binance has prioritized compliance after settling its legal issues with US authorities last year.Gemini now tells users that it is “still learning how to answer” their queries and recommends using Google search instead.The move comes after Google’s Gemini chat bot generated unfavorable remarks about the current Indian Prime Minister Narendra Modi.India has now banned foreign exchanges from operating in the country by blocking access to their websites and new application downloads.CryptoSlate’s latest market report dives deep into the effects corporate Bitcoin purchases have on the market.Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
