In a recent press conference, Nirmala Sitharaman said India wants to develop a technology-driven regulatory framework for the crypto ecosystem. This initiative will take place next year during India’s presidency at the G20 summit.
Nineteen nations and the European Union make up the G20. The G20 is an intergovernmental forum to tackle issues ranging from climate change to the economy.
Governments will actively work on a global framework to standardize crypto policies around the world. The crypto ecosystem is fundamentally borderless by nature. This ecosystem functions with the help of blockchains that are spread throughout many countries. Hence, a global initiative will ensure consistency in operating procedures across countries.
The Finance Minister also says that the World Bank and other institutions linked to the G20 are already making their crypto assessments and conducting studies related to crypto.
There are concerns regarding the misuse of crypto assets and the money trail of crypto coins. A global framework that assists all stakeholders in preventing the misuse of crypto coins will be beneficial to the entire crypto industry.
India is looking at the assessments of institutions researching crypto assets. India will bring these studies to the G20 for debate and discussion to ensure a global technology-driven regulatory framework.
A global regulatory framework is a big step for the crypto industry. Other nations can also refer to the G20 crypto regulations when the frameworks are put in place. The development of this framework recognizes the growing relevance of crypto. This framework will also ensure all the stakeholders comply with domestic and international regulations. Domestic regulations must be considered by international standards and regulators should have a consultative style while framing rules. Crypto laws in India should be in sync with global standards.
Zebpay has the highest standards for regulatory compliance. Zebpay believes that a constructive and progressive approach is needed for the crypto ecosystem to thrive.
