G20 Presidency Puts Global Crypto Regulatory Framework On The Table
G20 countries earlier agreed with the current G20 presidency under India that regulating crypto assets requires global cooperation. Talks on a global framework for regulating crypto assets are underway and issues related to crypto regulation are put on the table for mitigation, India’s Finance Minister confirmed at an event on Tuesday.
Global Crypto Regulation Talks Are Underway
India’s Finance Minister Nirmala Sitharaman confirmed that talks are underway on a global framework for regulating crypto, reported Reuters on September 5. It means the upcoming G20 Summit on September 9-10 will primarily include a discussion on crypto regulation. Moreover, the Financial Stability Board (FSB) and the International Monetary Fund (IMF) will jointly submit a report at the G20 summit.
Nirmala Sitharaman at an event in Mumbai, said:
“India’s (G20) presidency has put on the table key issues related to regulating or understanding that there should be a framework for handling issues related to crypto assets.”
While progress on crypto regulation under India’s G20 presidency is still in the nascent stage, the crypto community is looking for some clarity on crypto regulation and rules. Sitharaman said key issues regulating crypto assets are put on the table for discussion. Crypto being a borderless asset requires a common regulatory framework for efficient regulation of crypto.
Meanwhile, the crypto community in India also awaits clear regulations from Indian regulators as high taxes and the government’s negative stance have almost succumbed the industry. The global framework will help bring clarity in G20 countries such as the U.S., Australia, and the UK witnessing increasing demand for crypto.
India Limiting Crypto Innovation
Crypto executives have pointed out that India’s restrictive approach towards crypto has not only limited innovation but prevented India from leveraging crypto for economic development.
However, the country continues to show adoption in Web3 and blockchain space. OKX recently revealed plans to enter India and hire local talent for Web3, tapping the potential in the country.
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