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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.

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

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).

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.

Narendra Modi on Sunday called for a global framework on cryptocurrencies, and an ethical usage of artificial intelligence (AI). Addressing the B20 Summit India 2023, organised by CII here, the prime minister also called for observing 'International Consumer Care Day' once a year and switch over to 'green credit' from the current practice of carbon credit trading. Modi also said India has become the face of digital revolution in the era of Industry 4.0, and also holds an important place in building an efficient and trusted global supply chain. «There is a challenge associated with cryptocurrencies. In this matter maximum integrated approach is needed.

The G20 — an intergovernmental forum comprising 19 countries and the European Union — has planned to develop a common framework for helping all countries deal with risks associated with cryptocurrency investments.

A global framework to classify green equities has been agreed on by stock exchanges around the world.