G20 nations unanimous on urgency to regulate crypto: Indian minister by CoinEdition

by Arthur · April 15, 2023

The Indian Finance Minister called for a coordinated global policy response to regulate crypto.
Sitharaman made the remarks during a session with G20 finance ministers at IMF headquarters.
It aims to develop a common framework for all countries to manage crypto-risk.

Indian Union Finance Minister Nirmala Sitharaman has called for immediate attention to issues related to cryptoassets, saying a globally coordinated policy response is needed to regulate the sector while protecting economies from harm.

Sitharaman made these comments during a brainstorming session on ‘Macro-Financial Implications of Crypto Assets’ with G20 finance ministers and central bank governors at IMF headquarters on Friday.

Global experts on the issue attended the session, and there was unanimity among member states on the urgency of regulating the crypto industry. Sitharaman noted that the G20 recognizes the work of the International Monetary Fund (IMF) and the Financial Stability Board (FSB) in bringing forward important policy and regulatory elements.

A synthesis paper is needed to integrate macroeconomic and regulatory perspectives for cryptoassets. The minister noted that there was agreement among the G20 members to have a globally coordinated policy response to crypto-assets considering the full range of risks.

In particular, India hopes to expand the G20 discussion on cryptoassets beyond financial integrity concerns and capture the macroeconomic implications and widespread crypto adoption in the economy.

According to a local report, global standard-setting bodies coordinate the regulatory agenda while working within their respective institutional mandates. It includes the FSB, the Financial Action Task Force (FATF), the Committee on Payments and Market Infrastructures (CPMI), the International Organization of Securities Commissions (IOSCO) and the Basel Committee on Banking Supervision (BCBS),

The FSB’s paper on the regulation of cryptoassets will be presented in July, and the IMF-FSB synthesis paper will be delivered in September. The aim is to develop a common framework for all countries to manage cryptocurrency risk.

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