As India prepares to host the G20 summit in September, crypto regulation is a hot topic.
While the event won’t be the first time world leaders have discussed crypto regulation, the past year has seen the conversation evolve significantly.
Crypto Regulation Still a Hot Topic
Since the last G20 summit in July 2022, a number of countries have moved to regulate the crypto sector. The EU has passed its landmark MiCA regulation. The UK has turned its attention to the space.
And the United States Congress has taken an increasingly proactive stance in shaping the country’s crypto regulation.
Meanwhile, from Nigeria to Hong Kong and from South Africa to the Bahamas, lawmakers have used the past year to ramp up oversight of crypto firms.
India Uses G20 Presidency to Push for Alignment on Crypto Regulation
With the United Nations now estimating that India is home to the world’s largest population, the country has an opportunity to lead the conversation.
Already,the government is in the midst of introducing dedicated legislation in the form of the Cryptocurrency and Regulation of Official Digital Currency Bill. Additionally, in its 2022 budget, India’s lower house brought digital assets including cryptocurrencies and NFTs within its tax regime.
However, the government has recognized that effective tax and regulation will require international agreement.
In comments made to parliament last year, Minister of State for Finance Pankaj Chaudhary observed that Crypto assets are innately borderless. As such, he argued that any legislation can only be effective with international colla
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Author: James Morales
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