The G20 Summit 2023 announced that the Financial Stability Board (FSB), the International Monetary Fund (IMF), and Bank for International Settlements (BIS) would soon publish recommendations for establishing a global crypto regulatory framework. India recommended a joint technical paper by IMF and FSB on crypto regulation.
The Forth coming events which will lay the foundation Global crypto framework are : April 2023- Spring meeting of World bank & the IMF | July 2023- The FSB paper on crypto regulation | September 2023- The Synthesis paper for global policy approach for crypto.
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The crypto community had much to say regarding this latest development.
Manan Vora, SVP of Strategy and Business Operations, Liminal, feels India will take the lead in creating a strong policy framework for digital assets while protecting the interest of all the relevant stakeholders of the industry.
If regulated, the digital asset industry is capable of creating a lot of jobs, hence, contributing to the country’s economyManan Vora, SVP of Strategy and Business Operations, Liminal
“The Indian digital asset industry is looking at the G20 Summit with a lot of hope, and the onus lies on our policymakers to accommodate the aspirations of young entrepreneurs, users, and the entire workforce employed in the crypto/blockchain ecosystem,” he says.
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India ranks 6th in the world in terms of digital asset ownership (as per the Tipalti report).
“Despite the lack of regulations, this data shows that the Indian population understands the nuances of the digital asset industry and is equipped with the right set of tools to make wise decisions. On the other hand, digital asset tax has emerged as a significant source of tax revenue for the government since the formal tax regime was introduced last year. If regulated, the digital asset industry is capable of creating a lot of jobs, hence, contributing to the country’s economy,” he adds.
Shivam Thakral, CEO of BuyUcoin, strongly believes that the G20 summit 2023 offers a great opportunity for creating a global consensus around crypto regulations led by India.
India is positioned to lead efforts in global crypto regulations, so adopting an industry-supporting stance will help us achieve the $5 trillion economy dream within this decadeShivam Thakral, CEO of BuyUcoin
“The crypto regulations in India have been in a grey area since the historic judgment by the honourable supreme court of India in March 2020, and there is an urgent need to have a clear set of policies for digital assets in India. Some of the critical points which need immediate attention from policymakers are defining crypto as a security/commodity/asset class, regulating fiat pegged stablecoins, protecting retail investors, licensing regime for crypto exchanges, and regulatory monitoring for companies involved in the business of digital assets. India is positioned to lead efforts in global crypto regulations, so adopting an industry-supporting stance will help us achieve the $5 trillion economy dream within this decade,” he says.
Tarusha Mittal, COO, and Cofounder of UniFarm and Dapps strongly believes that India needs to accelerate the creation of a strong and impartial policy to support the growth of the crypto ecosystem in India.
India’s robust technical infrastructure and skilled workforce are capable of driving the mass adoption of Web3-related products and servicesTarusha Mittal, COO, and Cofounder of UniFarm and Dapps
“Web3 is the tech of the future and India does not want to be left behind,” she says.
“We are delighted to see that our honourable Finance Minister is actively involved in creating a global consensus for a policy framework around digital assets. India is a tech superpower and it should lead the world into the Web3.0 space as it has the potential and the resources to be the blockchain capital of the world, if nurtured with business-friendly regulations. India’s robust technical infrastructure and skilled workforce are capable of driving the mass adoption of Web3-related products and services,” she adds.