India to Push Crypto Regulation Talks at Final FMCBG Meet in Morocco

Finance ministers and central bank governors are all set to meet for the final time under India’s G20 presidency on October 12 and 13 in Marrakesh, Morocco. 

The roadmap for crypto regulations is expected to be one of the major key agendas during the meeting. India will seek to ensure that the issues that were part of the New Delhi Declaration are pushed thorugh, including a crypto regulatory framework. 

Before the 4th G20 Finance Ministers and Central Bank Governors (FMCBG) meeting, Indain Finance Minister Nirmala Sitharaman chaired a meeting with the heads of Multilateral Development Banks (MDBs) and co-conveners of the G20 independent expert group, NK Singh.

G20 Members Expected to Discuss Clear Road Map for Crypto Regulations 

Finance ministers and central bank governors are expected to discuss the roadmap intended to lay the foundation for a well-coordinated and all-encompassing policy and regulatory framework specifically tailored for crypto assets. 

The discussions surrounding this topic are of paramount importance, given the evolving landscape of digital currencies and the need for international collaboration to address the challenges and opportunities they present.

As reported earlier, G20 nations also called for the swift implementation of the Crypto-Asset Reporting Framework (CARF) and amendments to the ‘Common Reporting Standard’ (CRS).

CARF establishes a standardized method for reporting tax-related information concerning transactions involving cryptocurrency assets. 

The primary objective is to facilitate the automatic exchange of this information with the taxpayer’s resident jurisdiction on an annual basis.

Indian Crypto Exchanges Expect Clear Regulations After G20 Declaration 

The G20 declaration on crypto assets has sent a wave of optimism to local crypto platforms who have been waiting for clear crypto regulations for a long time. 

However, there is still time before some concrete regulations are implemented in India, but the government has shown its interest in moving in that direction. Indian crypto platforms are calling for self regulatory organizations.

Earlier, while delivering the keynote address at the Global FinTech Fest 2023, the Reserve Bank of India’s Governor Shaktikanta Das also urged fintech firms to establish a self regulatory organization themselves. 

Despite regulatory uncertainty and heavy tax policies, India emerged as the top ranked nation Chainalysis’ Global Crypto Adoption Index.