G20 Indian President Shares Input On Setting Global Crypto Rules

Adopting an effective policy framework to prevent regulatory arbitrage and minimize risk is the main goal of the note.

G20 Indian President Shares Input On Setting Global Crypto Rules

The current president of the Group of Twenty (G20) India has published its presidency note on crypto in an attempt to incorporate its suggestions into the framework of global crypto rules. This note is aiming to focus resources to avoid duplication across organizations.

The note is considered significant since it is the official document of India’s proposals ahead of the next round of framing global crypto rules and also provides key input for the International Monetary Fund (IMF) and Financial Stability Board (FSB).

According to the note, the IMF-FSB Synthesis Paper is expected at the end of August, which is less than two weeks before the G20 Leaders’ Summit.  An IMF blog said that the organization would hand over the synthesis paper at the Leaders’ Summit.

The note required that the synthesis paper include the following action points, such as the promotion of the effective implementation of the FSB’s recommendations, the conduction of outreach to all jurisdictions to generate awareness of risks, and all other standard-setting organizations.

Moreover, other action points will start in regions with high adoption rates of crypto-asset and engaging non-G20 members, and assigning responsibility for coordinating global cryptocurrency rules to the IMF and FSB.

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