Indian Government To Engage G20 Nations To Regulate Crypto Assets
The Ministry of Finance has announced that India will collaborate with G20 countries to establish international coordination on policy approaches towards crypto assets.
Additionally, in the Budget 2023, the Indian Govt proposed a simplified KYC process by taking a risk-based approach rather than the current one-size-fits-all approach.
In a written reply to a question in Lok Sabha, Union Minister of State for Finance, Shri Pankaj Chaudhary, stated that the government is currently in talks with G20 countries to establish international coordination on policy approach towards crypto assets, as per the release.
जो crypto assets बनाते है, बेचते है, और खरीदते है उनपर TDS लगा है| TDS के जरिए हम पैसों के लेनदेन पर नज़र रखने की कोशिश कर रहे है जिससे आतंकी गतिविधि को funding मे या ड्रग्स मे इसका इस्तेमाल ना हो सके| TDS का मकसद ये था कि money trail का पता लगाया जा सके|
-Smt @nsitharaman in LS pic.twitter.com/RCIt2Wua6T
— NSitharamanOffice (@nsitharamanoffc) February 13, 2023
Crypto Regulation: Standard Operating Protocol (SoP) Development For Assets With G-20 countries
As per the Minister’s statement, the Indian Presidency offers a chance to include diverse priorities, such as priority on crypto assets, in the international collaboration agenda. Crypto assets, being borderless in nature, necessitate international collaboration to avoid regulatory arbitrage.
Thus, the effectiveness of any regulation or ban can be ensured only through significant international coordination on assessing the risks and benefits, as well as developing a common taxonomy and standards, the Minister added.
Regarding crypto regulation, Union Finance Minister Nirmala Sitharaman has stated that India is in discussions with G-20 member countries to establish a standard operating protocol (SoP) for regulating crypto assets. The Finance Minister has further emphasized that crypto assets and web3 are emerging and rapidly evolving sectors, and that effective legislation in these areas would require substantial international collaboration.
The Finance Minister has also noted that crypto mining, assets, and transactions are primarily driven by technology, and that any effort by a single country to regulate them would not be effective.
Commenting on the crypto tech, Union Finance Minister, Nirmala Sitharaman, said,
Crypto involves a lot of technology, it’s 99% technology. We are talking to all countries if all the countries can achieve a standard operating procedure which will be effective while following a regulatory framework. It’s under discussion with G20 nations.
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