Framework Financial News

The governor of Banco de Portugal, Mário Centeno has called for international cooperation towards a global framework for crypto regulation.

South Korea has joined a group of 48 nations, calling for the promotion of an international framework for cryptocurrency reporting.

India’s taxation framework and the intent behind it In recent years, India has found itself amid a promising Web3 landscape, characterized by a remarkable surge in startups. This evolution, however, has been accompanied by a taxation framework, one that has created implications within the country's Web3 ecosystem. The Finance Act, 2022 introduced Section 194S, which imposed TDS at the rate of 1% on sale of VDAs in India from 1st July 2022. Further, a high rate of income tax of 30% was also introduced on any income from transfer of VDA from 1st April. There are also further restrictions on available deductions and treatment of losses, with no setoffs allowed against other crypto gains. The objective behind these measures was three-fold: tracking VDAs transactions by Indian residents, discouraging speculation and trading, and building guardrails around VDAs for safeguarding Indian interest and ensure financial stability.

Digital Transformation Through 5G Ecosystem", the Telecom Regulatory Authority of India (Trai) has identified emerging technologies like drones, the internet of things, and metaverse, among others, that can boost 5G utilisation and later on 6G. «The authority has come out with consultation paper on suo-moto basis to identify the policy challenges and suggest the right policy framework for faster adoption and effective utilisation of new technologies for the holistic and sustainable development of economy driven by 5G ecosystem,» the regulator said.

Economic Times report. The move will help in increasing the role of banks in financing startups.

By Richard Cowan

Karnataka IT Minister Priyank Kharge on Thursday announced a framework for the proposed fact-checking unit in the state. The unit includes an oversight committee, a review Single Point of Contact (SPOC), and nodal officers.

G20 leaders have called to swiftly implement the Crypto Asset Reporting Framework (CARF) while endorsing synthesis paper proposed by IMF and FSB. 

Leaders of the 20 biggest economies in the world — collectively known as G20 — are pushing for a speedy implementation of a cross-border framework for crypto assets. 

regulatory framework for virtual digital assets (‘VDAs’). Under his leadership, India has embraced technology to an unprecedented degree and has been able to convince other nations in setting global standards for development of digital public infrastructure. It is thus no surprise that he recognises the transformative potential of Web3 technologies and has urged the global community to focus on adoption, democratization and developing a unified approach which benefits all. VDAs are a key element of Web3 technologies. They are fundamental to the functioning of public blockchains as they create incentives and disincentives for network participants to engage with the blockchain, productively and honestly. In order to facilitate the adoption and democratization of Web3 technologies, it is imperative to focus on VDAs. To achieve this objective of adoption, democratization and developing a unified approach for Web3, with its intrinsically global nature, there is an immediate need for countries to come together and build a common regulatory approach. This approach has to be guided by the following principlesStandard taxonomyAs a first step, it is imperative to map nuances of the VDA ecosystem, identify all players involved, and develop a common global taxonomy for it. This would help in eliminating confusion and streamline communication among regulators, industry participants, and investors, leading to a more coherent global policy environment. Currently, the vocabulary being used in various jurisdictions differ, creating confusion which may lead to regulatory disparities.

the future of the defaulting company. "An accurate valuation holds absolute importance because a valuation report guides the actions of the insolvency professionals, committee of creditors and the National Company Law Tribunal and because the registered valuer endeavours to estimate a value, which is authentic and close to market conditions or realisation," the update said.

Under India's G20 presidency, active discussions around establishing a global framework for cryptocurrencies are underway, India’s minister of finance Nirmala Sitharaman has said. 

digital public infrastructure (DPI), the minister of state for electronics and information technology Rajeev Chandrasekhar said on Tuesday. “India is now a case study — as a nation that employed and deployed technological tools for progress and growth. Countries that have lagged increasingly see this as a way to follow India’s lead in DPIs, an open-source digital infrastructure, and using it to create the same impact that India has,” he said.

India’s Finance Minister Nirmala Sitharaman confirmed that discussions are underway on global crypto regulations ahead of the G20 summit. 

SEBI on Tuesday announced new guidelines to strengthen the existing cyber security and cyber resilience framework for Market Infrastructure Institutions like the Stock Exchanges, clearing corporations and depositories. In a release on Tuesday, SEBI said, “With the change in market dynamics in the Indian Securities markets, the interdependence among the MIIs has seen significant increase.

India assumed the presidency of the G20. India had already bolstered its international reputation with its vaccine diplomacy, by playing a constructive role in climate change discussions, and by being the fastest-growing economy. For its presidency, India adopted the ancient Sanskrit shloka «Vasudhaiva Kutumbakam,» signifying «One Earth, One Family, One Future,” as its theme.

Speaking at the B20 Summit India 2023, organized by CII, Prime Minister Narendra Modi emphasized the need for a worldwide framework for cryptocurrencies and the ethical implementation of artificial intelligence (AI).

Indian Prime Minister Narendra Modi called for a global collaboration on formulating crypto regulations during the Group of 20 (G20) summit. G20 President India has taken up the task of advocating for a comprehensive global framework for regulating cryptocurrencies.

Data Bill «right», applying «strong protection» for personal data while allowing cross-border data flow, said Brad Smith, Microsoft's vice chairman and president. In an interview to ET, Smith, the second-ranking executive (after chairman and CEO Satya Nadella), called artificial intelligence the greatest advancement for human thinking since the invention of the printing press. Edited excerpts.What are your preliminary thoughts about the data protection bill? I would affirm what I said a year ago.

The Monetary Authority of Singapore (MAS) has unveiled its finalized regulatory framework for stablecoins. This development follows a public consultation in October 2022 and a parliamentary inquiry on 20 March 2023 regarding MAS' stance on cryptocurrency trading risks and stablecoin development. Senior Minister in charge of MAS, Mr. Tharman Shanmugaratnam, emphasized the consultation papers' intent to reduce consumer risks from cryptocurrency trading and ensure stablecoin value stability. The consultation period, which concluded on 21 December 2022, saw MAS receiving extensive feedback.

Narendra Modi on 27 August said that an integrated approach to deal with issues related to cryptocurrencies is needed. While speaking at the B20 summit, PM Modi asked business leaders to brainstorm on issues like cryptocurrency and Artificial Intelligence. He said a global framework is required for cryptocurrency.