Indian Crypto Exchanges Expect Clear Regulations Following G20 Declaration
The recent push by G20 members to establish a global framework to regulate crypto has sent a wave of optimism among Indian crypto firms and investors.
India’s intention to work with global consensus on regulating the crypto industry has come as good news for domestic crypto exchanges, which have been living under uncertainty for a long time.
The recent recommendations on crypto regulations by the International Monetary Fund (IMF) and Financial Stability Board (FSB) are seen as a first step towards achieving clear and effective regulations in India.
In an interview with CryptoNews, Chief Public Policy Officer at CoinDCX, Kiran Mysore Vivekananda, said that the IMF-FSB synthesis paper combines everything and gives sort of guidance to authorities to look at macroeconomic and financial stability risks and frame regulations accordingly.
He further noted that the proposed paper includes nine high level recommendations that mainly deal with taxonomy of crypto, the travel rule to stop money laundering and anti-terror funding, consumer protection, operational standards for crypto firms, and a uniform taxation.
“With these high level recommendations made by IMF-FSB in the synthesis paper, we as an industry are super excited about the movement which has happened, which is positive, and we look forward to supporting the government and creating a progressive regulation.”
In an email to CryptoNews, CoinSwitch’s co-founder and CEO, Ashish Singha said:
“The Indian government has not only undertaken measures to expand the dialogue but has also made concerted efforts to improve the understanding of virtual digital assets (VDAs). Recognizing the importance of a global consensus on crypto represents a significant and positive stride for the
Read more on cryptonews.com
