There is a growing global consensus regarding crypto assets, and the G20 Presidency will support the efforts of the IMF and Financial Stability Board (FSB), an international body that monitors and makes recommendations about the global financial system, said Finance Minister Nirmala Sitharaman during a press briefing at the G20 Summit in New Delhi.
"The global push for clear policies on crypto assets has gained momentum under India's presidency, and a global consensus is emerging," said the finance minister. She emphasized that the G20 Presidency will lend its support to the IMF and FSB in their work.
Sitharaman also highlighted that the FSB is actively involved in defining the contours of a globally coordinated approach to regulating crypto assets. "The presidency, in collaboration with the IMF and FSB, is setting the context for these efforts. The IMF and FSB's synthesis paper, which includes a roadmap, delves into how the policy and regulatory frameworks developed by these organizations, along with other standard-setting bodies, will align and interact with each other. This paper is now publicly available," added Sitharaman.
The rapid growth of the digital asset industry has presented new challenges for regulators, necessitating collaboration between regulators and the industry itself. This collaboration aims to develop a comprehensive and consistent regulatory framework that addresses various challenges, including money laundering and terrorist financing.
Om Malviya, President of Tezos India, a blockchain adoption entity, commented: "Global coordination of crypto regulations is crucial in today's interconnected world. The crypto space is evolving rapidly, and as it does, it becomes increasingly important for countries to work together and establish a unified, crypto-friendly policy framework. Discussing crypto policy within the G20 summit represents a significant step forward. It can pave the way for a more coherent and balanced approach that encourages innovation while safeguarding against risks. By harmonizing regulations and promoting responsible crypto adoption, we can fully harness the potential of blockchain technology, ensuring its benefits reach individuals, businesses, and economies worldwide. It's time for nations to come together and shape the future of crypto in a progressive and secure manner."