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India's new crypto law set to red-flag chit fund, MLM business models
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economictimes.indiatimes.comcryptocurrency exchanges that are similar to chit funds, multi-level marketing (MLM) and systematic investment plans (SIP), as it seeks to build a robust regulatory framework to protect vulnerable rural populations buying risky crypto assets. Regulators including the Reserve Bank of India (RBI) and Securities and Exchange Board of India (Sebi) have raised concerns before a parliamentary panel about how some individual investors are collecting money in small towns — with business models resembling those of chit funds — for investing in crypto assets. RBI has pointed out how some Indians have even started accepting cryptocurrency payments for export services, thus posing a broader systemic risk.
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