India's markets regulator has recommended that oversight of cryptocurrency trading should be vested in several authorities, Reuters reported.
The RBI has repeatedly said it views cryptocurrencies as an existential threat to policy sovereignty.
SEBI said it could monitor cryptocurrencies that take the form of securities as well as initial coin offerings (ICO); the RBI could regulate assets backed by fiat currencies such as stablecoins; IRDAI could oversee insurance and pension related virtual assets.
Investor grievances in cryptocurrencies should be resolved under India's Consumer Protection Act, the report said.
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