India’s Finance Minister, Nirmala Sitharaman, provided updates on the progress of implementing the crypto regulation roadmap during the recent virtual G20 Leaders’ Summit. Sitharaman highlighted the formal adoption of the roadmap by the G20 and underscored the crucial role of global multilateral agencies in delivering regular updates on its implementation.
In particular, Sitharaman mentioned that the International Monetary Fund (IMF), the Financial Stability Board (FSB), and the Financial Action Task Force (FATF) have been assigned the responsibility of providing ongoing updates to the G20 regarding the roadmap’s implementation. This follows a joint synthesis paper released in September by the IMF and FSB, presenting policy recommendations and standards to address risks associated with crypto-asset activities and markets.
Sitharaman emphasized that it is still early days in terms of the timeline for India’s regulatory actions beyond the roadmap. She stressed the need for effective mechanisms across countries to control crypto assets and highlighted the importance of engaging not only G20 nations but also FSB members globally.
While acknowledging the likelihood of countries formulating their own crypto laws, Sitharaman cautioned against a “blanket” ban on crypto activity, aligning with the recommendations outlined in the synthesis paper. The Finance Minister indicated that any future developments in framing India’s crypto laws would be disclosed during the Brazilian presidency, given the increasing momentum the crypto assets issue has gained within the G20.
