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India’s Finance Minister Nirmala Sitharaman has said that discussions are happening among G20 countries to create worldwide rules for regulating cryptocurrencies.

G20 countries, including India, have decided that dealing with cryptocurrencies needs cooperation worldwide. They are talking about making rules for cryptocurrencies together. India’s Finance Minister confirmed this during an event on Tuesday.

Global Discussions on Crypto Regulation Underway

India’s Finance Minister, Nirmala Sitharaman, said that there are discussions happening about making worldwide rules for cryptocurrencies, as per a Reuters report on September 5th. This means that the upcoming G20 Summit on September 9-10 will mainly focus on talking about how to regulate cryptocurrencies.

Additionally, the Financial Stability Board (FSB) and the International Monetary Fund (IMF) will work together to provide a report during the G20 summit.

While they’re still in the early stages of figuring out how to regulate cryptocurrencies during India’s G20 leadership, the crypto community wants clear rules and guidance. Sitharaman mentioned that they’re discussing important issues about how to regulate crypto assets. Because crypto is a global asset, it needs a common set of rules that everyone can follow.

In India, the crypto community is waiting for clear regulations from the government. High taxes and a negative government stance have made things tough for the industry. A global framework could also provide clarity for G20 countries like the U.S., Australia, and the UK, where more people are getting interested in crypto.

India Restricting Crypto Innovation

Some crypto leaders say that India’s strict stance on crypto is holding back innovation and stopping the country from using crypto to grow its economy.

But even with these restrictions, India is still interested in Web3 and blockchain technology. OKX, for example, has announced that it wants to come to India and hire local people to work on Web3, taking advantage of the opportunities here.

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.

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CryptosHeadlines.com - The Leading Crypto Research Network:

India stresses the importance of addressing the risks of digital assets in developing countries.

India’s Support for Global Crypto Framework: As the current G20 presidency holder, India has backed the recommendations of the Financial Stability Board (FSB) for a global crypto framework published in July. The country also stresses the need to address the risks associated with digital assets in developing nations.

On August 1, India released its presidency note to contribute to a global crypto framework roadmap. The document aligns with guidelines from the FSB, Financial Action Task Force (FATF), and International Monetary Fund (IMF).

Focus on Developing Countries:

India suggests additional measures in the roadmap, with a particular focus on developing countries. While the IMF considers the specific aspects of crypto guidelines for developing economies, India urges the FSB to do the same. The country also calls for outreach to all jurisdictions to raise awareness of risks, starting with countries that have higher crypto adoption. Furthermore, India proposes extending future regulatory approaches to the digital economy beyond the G20’s scope.

According to the note, the IMF and FSB plan to release a Synthesis Paper by the end of August, offering a broad roadmap for consideration by the G20.

FSB’s Guidelines for Crypto and Stablecoins: In July, the FSB issued guidelines for crypto and stablecoins. The guidelines emphasize the need for crypto platforms to separate clients’ digital assets from their own funds and establish clear functional divisions to avoid conflicts of interest. Regulators will ensure close cooperation and oversight across borders.

Additionally, stablecoin issuers are required to obtain a national license in each jurisdiction they operate before commencing their operations.

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.

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