Indian Finance Minister Shares Progress on Crypto Roadmap Implementation at Virtual G20 Summit

India’s Finance Minister Nirmala Sitharaman shared the latest advancements in the implementation of the crypto regulation roadmap during the virtual G20 Leaders’ Summit yesterday.

Emphasizing the formal adoption of the roadmap by the G20, Sitharaman highlighted the pivotal role of global multilateral agencies in providing regular updates on its progress.

IMF, FSB and FATF to Provide Regular Updates on Crypto Roadmap Implementation

Speaking to the media after the conclusion of India’s Presidency at the G20, Sitharaman specified that the International Monetary Fund (IMF), the Financial Stability Board (FSB), and the Financial Action Task Force (FATF) are mandated to deliver ongoing updates to the G20 regarding the roadmap’s implementation.

As reported earlier in September, a joint synthesis paper from the IMF and FSB presented policy recommendations and standards to address risks associated with crypto-asset activities and markets.

The paper outlined a comprehensive policy implementation roadmap, covering aspects such as data collection, integration of crypto-asset policies into assessments and programs, outreach initiatives, and the development of a global framework for crypto assets.

“It is Still Early Days”

Regarding the timeline for India’s regulatory actions beyond the roadmap, Sitharaman expressed that it is still early days.

She highlighted the need for effective mechanisms across countries to control crypto assets and stressed the importance of engaging not only G20 nations but also FSB members worldwide.

While acknowledging the likelihood of countries formulating their own crypto laws, Sitharaman cautioned against a “blanket” ban on crypto activity, as outlined in the synthesis paper.

The Finance Minister mentioned that any future developments in framing India’s laws would be revealed during the Brazilian presidency, considering the momentum the crypto assets issue has gained within the G20.