Answer: Not only is there no such regulation, but the Reserve Bank of India (RBI) had banned banks from supporting crypto transactions until it was overturned by the Supreme Court order of March 2020.
With the Supreme Court overturning this ban, cryptocurrency exchanges have been allowed to operate in India and have grown in number over time.
When you’re in the market for a cryptocurrency exchange, you need to look at certain factors before deciding which one to use. These include:
- Ease of use
- Range of cryptocurrencies available
There are many different choices when it comes to exchanges, and a user can choose from a wide variety of options depending on the country they live in and the fiat currency they wish to use.
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However, it is important to remember that even though an exchange may allow trading in the local currency, they may not have the necessary licensing or permissions for the users’ jurisdiction. It is important to check before signing up with such an exchange.
There are several types of cryptocurrency exchanges that provide different services to their users. Some of the most popular ones include:
- Brokers: These are websites that anyone can visit to buy cryptocurrencies at a price set by the broker. Cryptocurrency brokers are similar to foreign exchange dealers.
- Trading Platforms: These are websites that connect buyers and sellers and take a fee from each transaction.
- Direct Trading: These platforms offer direct peer-to-peer trading between buyers and sellers, but don’t use an exchange platform. Instead, sellers set their own rates.