India G20 Presidency: A Step Towards Global Crypto Regulation

As the current president of the Group of Twenty (G20), India is taking a proactive role in shaping the future of global cryptocurrency regulations

India G20 Presidency: A Step Towards Global Crypto Regulation

The country has recently released a presidency note on crypto, outlining its recommendations for the next phase of global crypto rules. This document is expected to influence a synthesis paper, a joint effort by the International Monetary Fund (IMF) and Financial Stability Board (FSB), which is due by the end of August.

Key Recommendations in India’s Presidency Note

India’s presidency note is a significant contribution to the ongoing global dialogue on cryptocurrency regulation. It highlights the need for effective implementation of the FSB’s recommendations and standards set by other bodies.

The note also emphasizes the importance of considering the macro-financial implications and risks specific to Emerging Markets and Developing Economies.

Outreach and Inclusion in Crypto Regulation

Moreover, the note suggests conducting outreach to all jurisdictions to raise awareness of risks, particularly in regions with high crypto asset adoption. It also advocates for the involvement of non-G20 members and assigns the IMF and FSB the responsibility to coordinate the work around global crypto rules.

The Reveal and Response to India Presidency Note

The existence of the presidency note was first revealed by Ajay Seth, a senior official of the Indian Finance Ministry, ahead of the Finance Ministers and Central Bank Governors (FMCBG) meeting in India last month. Seth indicated that India’s presidency note was a collective effort, with contributions from several other countries.

The G20 members have sought changes to the note to ensure it reflects the collective consideration of all members. This move signifies India’s growing influence in the global crypto space and its commitment to fostering a regulated and secure crypto environment.