Moneycontrol said both regulators remain hesitant because formal oversight could be seen as recognizing the sector.
India's Finance Ministry has asked the RBI (Reserve Bank of India) and SEBI (Securities and Exchange Board of India) to regulate crypto, according to Moneycontrol. The report said both regulators remain hesitant because putting the sector under formal oversight could be interpreted as official recognition of crypto. The development underscores a longstanding policy tension in India, where authorities have weighed market supervision against concerns that regulation can confer legitimacy on a still-contested asset class.