印度 SEC 提出加密货币交易多机构监管框架

印度当局正在考虑监管加密货币，印度证券交易委员会（SEBI）建议对与加密资产相关的活动进行多监管机构监督。这与印度储备银行（RBI）禁止私人数字货币的立场形成鲜明对比。 SEBI 的提案建议不同监管机构根据加密资产的性质进行监督，包括证券、稳定币和与保险相关的虚拟资产。

India's Market Watchdog Recommends Oversight of Cryptocurrency Trade by Multiple Regulators

印度市场监管机构建议多个监管机构对加密货币交易进行监督

New Delhi, India - The Securities and Exchange Board of India (SEBI), the country's market regulator, has proposed a multifaceted regulatory framework for the oversight of cryptocurrency trade in India. This recommendation, outlined in documents submitted to a government panel, represents a significant shift in stance for SEBI, which previously advocated for a ban on private cryptocurrencies.

印度新德里 - 印度市场监管机构印度证券交易委员会（SEBI）提出了一个多方面的监管框架来监督印度的加密货币交易。这一建议在提交给政府小组的文件中概述，代表了 SEBI 立场的重大转变，SEBI 此前主张禁止私人加密货币。

SEBI's proposal contrasts with the position of the Reserve Bank of India (RBI), the central bank, which maintains its stance that private digital currencies pose macroeconomic risks. Both sets of documents have been submitted to a government panel tasked with formulating policy recommendations for the Ministry of Finance.

SEBI 的提议与印度央行 (RBI) 的立场形成鲜明对比，印度央行坚持认为私人数字货币构成宏观经济风险的立场。这两套文件均已提交给负责为财政部制定政策建议的政府小组。

SEBI's Multi-Agency Approach

SEBI 的多机构方法

SEBI advocates a decentralized regulatory approach, with different agencies overseeing specific aspects of cryptocurrency trade that fall within their domain. This approach is akin to the regulatory framework in the United States, where the Securities and Exchange Commission (SEC) supervises tokens that are deemed securities and cryptocurrency exchanges.

SEBI 提倡采用去中心化的监管方法，由不同的机构监管其管辖范围内的加密货币交易的特定方面。这种方法类似于美国的监管框架，美国证券交易委员会（SEC）对被视为证券和加密货币交易所的代币进行监管。

Specifically, SEBI proposes to regulate cryptocurrencies that meet the definition of securities, as well as Initial Coin Offerings (ICOs). Additionally, it seeks to issue licenses for equity market-related products in the cryptocurrency space.

具体来说，SEBI 提议对符合证券定义的加密货币以及首次代币发行（ICO）进行监管。此外，它还寻求为加密货币领域的股票市场相关产品颁发许可证。

Other regulatory agencies would oversee crypto assets backed by fiat currencies (the Reserve Bank of India), insurance-related virtual assets (the Insurance Regulatory and Development Authority of India), and pension-related virtual assets (the Pension Fund Regulatory and Development Authority).

其他监管机构将监管法定货币支持的加密资产（印度储备银行）、保险相关虚拟资产（印度保险监管和发展局）以及养老金相关虚拟资产（养老基金监管和发展局） 。

RBI's Continued Concerns

印度储备银行的持续担忧

Despite SEBI's shift in stance, the RBI remains steadfast in its belief that cryptocurrencies pose significant risks to India's fiscal stability. The central bank cites concerns about tax evasion and the reliance on voluntary compliance in decentralized peer-to-peer cryptocurrency transactions.

尽管SEBI立场发生转变，但印度储备银行仍然坚定地认为加密货币对印度的财政稳定构成重大风险。央行对逃税以及去中心化点对点加密货币交易中对自愿合规的依赖表示担忧。

Furthermore, the RBI expresses apprehension that cryptocurrencies could erode its "seigniorage" income, the profit it derives from creating money.

此外，印度储备银行还担心加密货币可能会侵蚀其“铸币税”收入，即通过创造货币获得的利润。

Regulatory Landscape in India

印度的监管格局

India's stance on cryptocurrencies has been evolving. In 2018, the RBI banned banks and other financial intermediaries from dealing with crypto users and exchanges. However, this ban was subsequently overturned by the Supreme Court in 2020.

印度对加密货币的立场一直在变化。 2018 年，印度储备银行禁止银行和其他金融中介机构与加密货币用户和交易所打交道。然而，这一禁令随后于 2020 年被最高法院推翻。

In 2021, the government drafted a bill that would have prohibited private cryptocurrencies, but it was not introduced. During its presidency of the G20 in 2023, India called for the development of a global framework to regulate crypto assets.

2021年，政府起草了一项禁止私人加密货币的法案，但并未出台。印度在 2023 年担任 G20 主席国期间，呼吁制定全球框架来监管加密资产。

Global Context

全球背景

SEBI's proposal aligns with the trend towards regulatory oversight of cryptocurrencies worldwide. According to a December report by PwC, 31 countries have implemented regulations that permit cryptocurrency trade.

SEBI 的提议符合全球加密货币监管的趋势。根据普华永道 12 月的一份报告，31 个国家已经实施了允许加密货币交易的法规。

Response from Regulators

监管机构的回应

SEBI and the RBI have declined to comment on the contents of the documents submitted to the government panel. The Ministry of Finance, the IRDAI, and the PFRDA have also remained silent on the matter.

SEBI 和印度储备银行拒绝对提交给政府小组的文件内容发表评论。财政部、IRDAI 和 PFRDA 也对此事保持沉默。

Conclusion

结论

The government panel is expected to finalize its report on cryptocurrency regulation in the coming months. SEBI's recommendation for a decentralized regulatory framework marks a significant development in India's evolving stance on cryptocurrencies. However, the extent to which the government will adopt these recommendations remains to be seen.

政府小组预计将在未来几个月内完成有关加密货币监管的报告。 SEBI 对去中心化监管框架的建议标志着印度对加密货币立场不断变化的重大发展。然而，政府将在多大程度上采纳这些建议仍有待观察。