India’s G20 Presidency Input for FSB and IMF Global Crypto Regulatory Roadmap

India’s G20 Presidency Provides Its Input for FSB and IMF Global Crypto Regulatory Roadmap

India, the current President of the Group of 20 forum of the world’s largest economies (G20), has made some suggestions regarding the regulation of crypto assets. With the proposals, New Delhi seeks to help prioritize certain “areas of work essential to achieving a comprehensive, cohesive and coordinated global policy” for the sector.

Key Points:

India believes that more coordination is needed to consistently implement regulations adopted by different jurisdictions.
The International Monetary Fund (IMF) and the Financial Stability Board (FSB) will publish a Synthesis Paper that includes a “Roadmap on Establishing a Global Framework for Crypto Assets” which the G20 will consider for adoption.
Action points suggested by India include conducting outreach to jurisdictions with high crypto adoption, extending policy frameworks to non-G20 countries, and monitoring financial stability risks.
India calls for more effective implementation of anti-money laundering and combating financing of terrorism standards.
India suggests establishing a framework for providing technical assistance and guidance to regulators and monitoring the implementation of recommended standards.

Hot Take: India’s input for the global crypto regulatory roadmap reflects the need for coordination and implementation of standards across jurisdictions. By emphasizing outreach, monitoring, and effective implementation of AML and CFT standards, India aims to safeguard macroeconomic and financial stability in the crypto industry.