India aims to develop a technology-driven regulatory framework for Crypto assets said Nirmala Sitharaman in a recent press conference. This development will likely take place during India’s presidency at the G20 summit next year.
G20 countries comprise nineteen nations and the European Union. It is an intergovernmental forum to address issues ranging from the economy to climate change.
This comes as a positive sign as governments will actively work on a framework to standardise crypto procedures around the world. Crypto assets are fundamentally borderless by nature. They work on blockchains which are spread across several countries. Hence a global initiative will ensure consistency in standard operating procedures across borders.
“Institutions associated with G20 and the world bank are already making their assessment and studies of matters related to Crypto assets.” said the Finance Minister.
Concerns have also been raised about the money trail of crypto assets and misuse of crypto assets. A framework which helps all the stakeholders prevent the misuse of crypto assets will certainly be beneficial to the entire industry.
India aims to study the assessment of institutions currently doing studies on Crypto assets and bring it to the G20 for discussion and debate so that there is a global technology-driven regulatory framework.
A global regulatory framework is a positive step for the Crypto Industry. G20 crypto regulations can also be a benchmark for other nations. This framework recognises Crypto’s growing relevance and ensures that all stakeholders comply with domestic and international laws stringently. The international standards must also consider domestic regulations and have a consultative approach while framing laws. Crypto regulations in India must also be in sync with international standards.
ZebPay has the highest standards for regulatory compliance and we believe that a progressive and constructive approach is vital for the Crypto industry to thrive.