India's Finance Panel Proposes SRO-Led Regulatory Framework for Crypto on July 24

According to FinanceFeeds, India's Standing Committee on Finance proposed on July 24 a temporary regulatory framework led by self-regulatory organizations (SROs) to oversee the domestic cryptocurrency market. The framework would operate under direct supervision by the Reserve Bank of India or Securities and Exchange Board of India, establishing standardized conduct codes covering consumer protection, platform transparency, and token disclosure standards.

The committee highlighted risks facing retail investors due to the absence of clear legal frameworks, including operational, custody, and fraud risks. SROs would be responsible for auditing exchange reserves, enforcing segregation of customer and corporate funds, and establishing user complaint handling mechanisms.