Author: Jai Pratap, Cryptonews; Translation: Song Xue, LianGuai
The Indian finance minister and central bank governor will hold their final meeting during the G20 presidency in Marrakech, Morocco, from October 12th to 13th.
The roadmap for cryptocurrency regulation is expected to be one of the main agenda items during the meeting. India will seek to ensure that the issues in the “New Delhi Declaration,” including the cryptocurrency regulatory framework, are implemented.
Prior to the fourth meeting of finance ministers and central bank governors of the G20 (FMCBG), Indian Finance Minister Nirmala Sitharaman chaired a meeting with the heads of multilateral development banks (MDB) and the co-convenor of the G20 independent expert group, NK Singh.
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G20 members are expected to discuss a clear roadmap for cryptocurrency regulation
The finance minister and central bank governor are expected to discuss a roadmap aimed at laying the foundation for a well-coordinated and comprehensive policy and regulatory framework specifically tailored to cryptocurrencies.
Given the evolving landscape of digital currencies and the need for international cooperation to address the challenges and opportunities they bring, discussions on this topic are crucial.
As previously reported, G20 countries have also called for the swift implementation of amendments to the Cryptocurrency Asset Reporting Framework (CARF) and the “Common Reporting Standard” (CRS).
CARF establishes a standardized approach to reporting tax-related information concerning cryptocurrency asset transactions.
The main objective is to facilitate the automatic exchange of this information annually with taxpayers’ jurisdictions of residence.
Indian cryptocurrency exchanges are expected to introduce clear regulations after the G20 statement
The G20’s statement on cryptocurrency assets has brought a wave of optimism to local cryptocurrency platforms that have long been waiting for clear cryptocurrency regulations.
However, it will still take some time for India to implement specific regulations, but the government has shown an interest in moving in this direction. Indian cryptocurrency platforms are calling for the establishment of a self-regulatory organization.
Previously, Reserve Bank of India Governor Shaktikanta Das also urged fintech companies to establish self-regulatory organizations in his keynote speech at the 2023 Global Fintech Festival.
Despite regulatory uncertainty and strict tax policies, India remains the country with the highest ranking in Chainalysis’ Global Cryptocurrency Adoption Index.
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