All Countries Must Unite for Better Worldwide Crypto Regulation, says India’s Finance Minister
According to India’s Minister of Finance, Nirmala Sitharaman, it is crucial for all countries to come together and establish a global regulatory framework for handling crypto assets. Speaking at the Global Fintech Fest 2023, Sitharaman emphasized the need for better regulation and oversight.
Sitharaman also highlighted the importance of income tax returns (ITR) in the country, noting that certain tax categories have witnessed a significant increase in filings. She believes that technology, including cryptocurrencies, can play a vital role in bringing about positive change.
“When dealing with customers’ money, organizations must consider the future and ensure that customers nominate their heirs and provide relevant information.”
Nirmala Sitharaman, Global Fintech Fest
India recently submitted a proposal for a global regulatory framework for digital assets, which seeks to protect investors in the crypto ecosystem. The G20 Presidency Note highlighted the roles of the Financial Stability Board (FSB) and the International Monetary Fund (IMF) in this regard.
In addition, India has taken action against crypto gaming and betting platforms that evade taxes. Investigations have been conducted on 50 platforms and individuals associated with a Cyprus-based group that converted over $84 million into crypto to evade taxes.
Hot Take:
The call for global crypto regulation by India’s finance minister reflects the growing recognition of the need for comprehensive oversight in the cryptocurrency industry. As cryptocurrencies continue to gain prominence, it becomes imperative to address legal and financial implications. By establishing a global regulatory framework, countries can collaborate and create a safer environment for investors and users alike.
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