India's markets regulator suggests multiple authorities oversee cryptocurrency trading

India's Securities and Exchange Board has recommended that oversight of cryptocurrency trading should be divided among several regulators, including the Insurance Regulatory and Development Authority of India and the Pension Fund Regulatory and Development Authority. The suggestion was made to a government panel tasked with formulating policy for the Finance Ministry to consider. The Reserve Bank of India remains in favour of a ban on stablecoins, according to a person with direct knowledge of the panel's discussions. India's crypto policy has largely been in the hands of the Finance Ministry, which has refused to say whether crypto is legal or illegal in the nation, while imposing stiff taxes on the industry.