Crypto News Key Highlights:

BTC price traded in a tight range briefly. A minor dip and rally coincided with news of tech investor Cathie Wood's ARK Invest seeking a US #Ethereum ETF spot.

The upcoming #G20  Leaders Summit in New Delhi will focus on cryptocurrency regulation. Simultaneously, the Financial Stability Board and the International Monetary Fund will release a collaborative paper outlining a detailed roadmap for nations to regulate crypto assets.

Ripple Labs, a crypto company, is teaming up with Japan's prominent financial services giant, SBI Group's remittance branch, SBI Remit. Their partnership aims to facilitate international remittances to the Philippines, Vietnam, and Indonesia using the digital currency XRP, as per a recent press release.

#Ripple Labs' Chair, Chris Larsen, criticized the U.S. crypto policy under the Biden administration, suggesting the legal system is now rectifying it. He emphasized the need for Congress to lead crypto policy after recent legal developments, including Grayscale's court victory. Larsen accused the SEC of regulatory ambiguity and overreach.

JPMorgan predicts the SEC will approve several spot Bitcoin ETFs simultaneously rather than granting an exclusive first-mover advantage. The bank suggests that to maintain its rejection of Grayscale's Bitcoin ETF conversion, the SEC would need to retract prior approvals of Bitcoin futures ETFs, which could be highly disruptive and embarrassing for the regulatory body.

In an unexpected twist, Ripple, the firm behind XRP, has partnered with Jared Isaacman, known as #Elon Musk's SpaceX associate. The billionaire, also the founder of Shift 4 payments, journeyed to Earth's orbit aboard SpaceX's Crew Dragon capsule in 2021. Ripple recently confirmed their collaboration on a donation project with Isaacman.

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G-20 countries agree on Global Crypto Framework

The leaders of the world's 20 largest economies, collectively known as the G20. Emphasizing early implementation of cross border framework for crypto assets. G20 members participated in the two-day summit in Delhi. Where it was decided that the crypto framework will facilitate exchange of information between G20 countries from 2027. “We call for early implementation of the Crypto-Asset Reporting Framework (CARF) and amendments to the CRS (Common Reporting Standard),” said a consensus declaration signed by G20 leaders. We are asking the Global Forum on Transparency and Exchange of Information for Tax Purposes to identify a reasonable and coordinated timeline for jurisdictions to begin exchanging information.

Many countries will be affected by the upcoming framework, including Argentina, Australia, Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, The United Kingdom, United States and European Union are included. About two-thirds of the world's population lives in #G20  countries.

The crypto-asset reporting framework was first introduced by the Organization for Economic Co-operation and Development in October 2022. The document was designed to give tax authorities visibility into crypto transactions as well as the individuals behind them. Under the proposed framework, countries across jurisdictions will exchange information on crypto transactions throughout the year, including transactions by unregulated crypto exchanges and wallet providers. The group also endorsed the Financial Stability Board's recommendations for regulation, observation and inspection of crypto asset activities and markets and the global stable coin regime.The recommendation sets standards for stablecoins similar to those of commercial banks.

Consent on synthesis paper also

The G-20 leaders' announcement also endorsed recommendations by the Financial Stability Board (FSB) to regulate and supervise crypto asset activities. It welcomed a synthesis paper from the International Monetary Fund (IMF) and the #FSB , which includes a roadmap for a regulatory framework that takes into account risks specific to emerging markets and those related to money laundering and terror financing. Finance ministers and central bank governors of the G-20 countries will discuss taking this roadmap forward at a meeting in Marrakesh next month.

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HM Treasury, the United Kingdom's economic and finance ministry, has firmly rejected proposals from the House of Commons' Treasury Committee to regulate cryptocurrencies as gambling. The committee had recommended treating speculative, unbacked cryptocurrencies as gambling, but the UK government disagrees, citing global recommendations from organizations like the International Organization of Securities Commissions and the G20 Financial Stability Board.

Regulatory Approach:

Britain's Financial Services Minister, Andrew Griffith, emphasized the government's disagreement with classifying cryptoassets as gambling. Instead, the UK authorities believe that a financial services regulatory framework is more appropriate for dealing with the risks associated with unbacked cryptoassets and promoting a secure environment for innovation.

Balancing Innovation and Risks:

While the UK government is cautious about potential risks associated with cryptocurrencies, it also acknowledges their potential to enhance efficiency in financial markets and payments. This aligns with the country's vision to become a global crypto hub, as previously proposed by Prime Minister Rishi Sunak.

Supporting Innovation:

The UK government welcomes the Treasury Committee's call for a balanced approach to supporting cryptoasset technologies and innovation. To achieve this, the government is actively working on regulations for the crypto market, with proposed legislation expected to be implemented by the end of the year.

Collaboration with Industry:

To ensure that crypto firms meet required standards, HM Treasury and the Financial Conduct Authority (FCA) will collaborate with the industry to assess their compliance at the FSMA gateway. #FCA #BTC $BTC

Encouraging Blockchain Technology:

The UK government plans to establish Financial Market Infrastructure (FMI) sandboxes, encouraging companies to experiment with blockchain technology. This initiative aims to create a more efficient, resilient, and transparent market, showcasing the UK's commitment to fostering innovation while maintaining proper regulatory oversight. #UK #G20

In Summary:

The UK government's approach to regulating cryptocurrencies focuses on striking a balance between supporting innovation and addressing potential risks. Rejecting the idea of classifying cryptoassets as gambling, the UK aims to establish itself as a global crypto hub while implementing necessary regulations to ensure a safe environment for both businesses and consumers. Through collaborative efforts and initiatives like the FMI sandboxes, the UK is actively fostering innovation in the crypto space while safeguarding the interests of its financial markets and citizens.

CryptosHeadlines.com - The Leading Crypto Research Network

On Saturday, the leaders of the G20 nations approved important suggestions from the Financial Stability Board (FSB) regarding how to regulate and oversee crypto assets.

A senior government official mentioned that because the G20 countries have supported the ideas of two important groups, the International Monetary Fund (IMF) and the Financial Stability Board (FSB), it looks like they’re setting up some rules for cryptocurrencies. So, a complete ban on this new technology is not very likely.

The official said that if one country wants to ban cryptocurrency, they can certainly do so. However, if most other countries don’t ban it, enforcing the ban becomes really hard.

The official mentioned that while it’s important that the G20 countries have agreed on regulations for cryptocurrencies, these rules may not work well unless all countries act together. In India, they will work on two fronts.

On one front, India will try to get all the G20 countries to agree on these rules. India suggested adding cryptocurrency to the G20 agenda. They also want countries outside the G20 to agree on these rules, making it a global effort.

On the other front, within India, the government will create its own rules based on what the global consensus is.

This is a change from before when India, especially the Reserve Bank of India, wanted to ban cryptocurrency.

The official mentioned that they have a plan ready, and now they need to work on putting it into action.

The Economic Affairs Secretary, Ajay Seth, talked about how the G20 leaders endorsed the Financial Stability Board’s recommendations. He said this is a significant step. He also mentioned that they’ve laid the foundation, and the next steps will be decided in the coming months.

The G20 will continue discussing cryptocurrency regulations in their upcoming meeting in October.

Currently, cryptocurrencies in India and in many other parts of the world don’t have many rules. In 2017, the Reserve Bank of India banned cryptocurrencies, but in 2020, the Supreme Court said that wasn’t allowed. In 2021, the government wanted to make a law for cryptocurrencies, but they said they’d only do it when there’s a global agreement. That’s why India made cryptocurrency a big topic during its time as the G20 President.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

#CryptoNews #cryptomarket #BlanketBan #G20 #G20India2023

India Collaborating with G20 Members for Global Crypto Framework

India has been playing the role of a pioneer on the international stage as it holds the presidency of the G20, the most influential forum of the world's major economies. Addressing global leaders and #cryptocurrency enthusiasts at a major event in Mumbai, India's Finance Minister Nirmala Sitharaman has once again brought the thorny issue of cryptocurrency regulation into the spotlight. Sitharaman said that #G20  members are working towards establishing a global crypto framework. Sitharaman also confirmed that the International Monetary Fund (IMF) and the #FinancialStabilityBoard (FSB) have submitted their synthesis papers on cryptocurrencies.

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CryptosHeadlines.com - The Leading Crypto Research Network

Leaders from the world’s 20 biggest economies are taking steps to put in place a system for tracking cryptocurrency activities globally.

This framework, called the Crypto Asset Reporting Framework, is designed to ensure that crypto transactions and the people involved in them are more transparent to tax authorities. It involves sharing information between different countries, even for transactions on unregulated crypto platforms and with digital wallet providers.

In addition to this, the group also supported the recommendations from the Financial Stability Board about how to regulate global stablecoins, which are cryptocurrencies designed to have a stable value. These measures are part of an effort to better regulate and monitor the cryptocurrency space on a global scale.

Timeline for Legal Framework Established

During a two-day summit in New Delhi attended by leaders from various countries, an agreement was reached to implement a legal framework for the exchange of information related to crypto assets.

This framework, known as the Crypto Asset Reporting Framework, is set to become operational in 2027.

The leaders from G20 countries signed a consensus statement, urging the swift implementation of this framework and changes to the Common Reporting Standard (CRS). They called on relevant jurisdictions to establish a coordinated timeline for initiating information exchanges through the Global Forum on Transparency and Exchange of Information for Tax Purposes.

The adoption of this framework will impact numerous countries, including Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom, the United States, and the European Union.

The Crypto Asset Reporting Framework, introduced by the OECD in October 2022, aims to provide tax authorities with better insight into cryptocurrency transactions and the people involved. Under this framework, countries will automatically share information about crypto transactions across borders, including those conducted on unregulated crypto platforms and through wallet providers.

Many countries are already implementing tracking standards for crypto transactions, with the European Union recently approving updated rules that require the inclusion of user details like usernames, addresses, and account numbers when transferring crypto assets.

The G20 leaders also expressed support for the Financial Stability Board’s recommendations on regulating crypto activities and markets, as well as global stablecoin regulations. These recommendations, released in July, establish standards for stablecoins similar to those for traditional banks.

They also call on regulators to prevent activities that hinder the identification of relevant participants in crypto transactions, among other measures.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

#Bitcoin #CryptoNews #cryptomarket #G20 #G20Bharat2023

The Group of Twenty (G20) unanimously accepted the crypto regulatory Roadmap proposed in a joint report presented in September by the International Monetary Fund (IMF) and the Financial Stability Board (FSB) on October 13.  

Crypto Assets is one of the topics mentioned in the G20 Finance Ministers and Central Bank Governors Communique, which was adopted by the fourth and final meeting of the G20 Finance Ministers and Central Bank Governors (FMCBGs) under the Indian Presidency, held during 12-13 October 2023 in Marrakesh, Morocco, on the sidelines of the IMF/WB Annual Meetings. 

“The FMCBG communique draws guidance from the G20 New Delhi Leaders Declaration (NDLD) and benefited significantly from the consensus that was reached at the Leaders’ Summit,” a press statement from the meeting said. 

Adopting the “IMF-FSB Synthesis Paper: Policies for Crypto Assets,” the communique called for implementing a policy framework, global coordination, cooperation, and information sharing among member countries. It also underscored the need for addressing data gaps and making global outreach beyond G20. 

The IMF-FSB synthesis paper argues that a blanket ban on cryptocurrencies will be ineffective. It advocates for a comprehensive oversight that includes cross-border cooperation and information sharing between regulators. It recommends several other measures intending to strengthen and consolidate oversight measures. 

The paper proposes the first review meeting of the implementation of its recommendations by the end of 2025. 

“We adopt the Roadmap proposed in the Synthesis Paper as a G20 Roadmap on Crypto Assets. This detailed and action-oriented Roadmap is essential to achieve our common goals of macro-economic and financial stability and to ensure effective, flexible, and coordinated implementation of the comprehensive policy framework for crypto assets,” the communique said. 

“We ask the IMF and FSB to provide regular and structured updates on the progress of the implementation of the G20 Roadmap on Crypto Assets. We support the ongoing work and global implementation of FATF standards on cryptoassets,” the statement added. 

India postponed enacting crypto regulations, although the government made several announcements of putting the bill before parliament but never actually did it. Given the predominantly cross-border features of cryptocurrencies, it has been argued that a unified and global approach to crypto regulations is required.  

This year, it assumed the presidency for the powerful inter-governmental group comprising f 19 countries, the European Union and the African Union. The announcement of joining the African Union in this group was made at the G20 Leaders’ Summit 2023 in September. 

According to CryptoPotato, Finance Ministers and Central Bank Governors (FMCBGs) from G20 nations have unanimously adopted the 'G20 Finance Ministers and Central Bank Governors Communique' during a meeting in Marrakesh, Morocco. This decision comes a month after the G20 member nations accepted the crypto regulatory roadmap outlined in a collaborative report titled 'IMF-FSB Synthesis Paper: Policies for Crypto-Assets,' jointly presented by the International Monetary Fund (IMF) and the Financial Stability Board (FSB).

The G20 member nations announced the official adoption of the roadmap put forth in the Synthesis Paper by the IMF and the FSB. The G20 also called for 'swift and coordinated' implementation of the roadmap, which includes policy frameworks, extending outreach beyond G20 jurisdictions, global coordination, cooperation, and information sharing, and addressing data gaps. The intergovernmental forum comprising 19 sovereign countries further requested the IMF and FSB to offer regular and structured updates on the progress of implementation of the roadmap on crypto assets.

The paper advocated implementing anti-money laundering norms to mitigate risks to financial integrity and prevent the illicit use of cryptocurrency for criminal and terrorist activities. It also recommended that regions should adhere to the anti-money laundering and counter-terrorist financing (AML/CFT) standards established by the Financial Action Task Force (FATF) that pertain to virtual assets (VAs) and virtual asset service providers (VASPs). The proposed roadmap deviates from endorsing an absolute prohibition of crypto-assets, leaning towards a comprehensive strategy centered on regulatory and supervisory oversight, seen as a more practical solution. This recent development addresses a longstanding demand from industry participants in the region, who have endured uncertainty for a significant period.

Tongyi Qianwen, an artificial intelligence system from Alibaba

A famous Chinese company will be available to the general public and businesses across China from September 13. Tongyi Qianwen is a large language model like #ChatGPT that works in English and Chinese. However, its exact specifications are not yet known. But early rumors indicate that it will be trained with 10 trillion parameters, which is 10 times more than OpenAI’s GPT4. But this news is still unproven. Alibaba had previously released two 7 billion-parameter open-source models based on the Tongyi Qianwen architecture.

Tongyi Qianwen was previously only available to a small number of users during the beta testing stage. But now it has been made public for everyone. The special thing is that it was made public when the People’s Republic of China relaxed the rules of Artificial Intelligence (AI) technology. Guidelines published by the Chinese government in June stipulated that going forward, all AI technology released to the public will require a special testing and certification process. These rules have become effective from August 15. After which many Chinese companies have been given approval to launch AI models, including Baidu, Tencent, TikTok and ByteDance.

Various countries are making efforts for AI regulation

The new rules ban the creation of photos of Chinese President Xi Jinping by AI models. Also, the companies have been ordered to take action on objectionable content within three months. Earlier monetary fines were also included in these rules, but those schemes were canceled. While China is trying to relax its rules, the United States has only taken initial steps to regulate AI technology. Along with this, G20 is also considering the regulation of AI. #G20 member countries have advised to work towards data protection to ensure responsible use and development of AI.

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