India’s G20 Leadership Puts Forward Crypto Regulatory Roadmap for International Consistency
As the current President of the G20, India has presented proposals aiming to establish a global regulatory framework for crypto assets, emphasizing the need for coordinated policies to ensure international standards and mitigate associated risks effectively.
India’s input, shared in a Presidency Note on August 1, seeks to prioritize key areas essential for a comprehensive and cohesive global policy for the crypto sector. While acknowledging the progress made by intergovernmental organizations in setting regulatory standards, India advocates for increased coordination to ensure consistent implementation across different jurisdictions.
These proposals contribute to a Synthesis Paper that the IMF and FSB will publish, featuring a “Roadmap on Establishing a Global Framework for Crypto Assets” for G20 consideration. India recommends action points including capacity building for implementation, outreach, and enforcement of standards, particularly focusing on jurisdictions with high crypto adoption and significant crypto exchanges.
The note also emphasizes promoting anti-money laundering and combating financing of terrorism standards, calling for greater coverage and direct reporting to the G20 by the FATF. Additionally, India suggests establishing frameworks for technical assistance, guidance, and monitoring of recommended standards’ implementation in each jurisdiction.
Clever Robot News Desk 8th August 2023
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