The Indian government is known for its <a href="https://news.todayq.com/crypto-bill-in-focus-indian-lawmakers-break-down-web3-strategy/" target="_blank" rel="noreferrer noopener">hard stance</a> against virtual digital assets trading. However, recent developments show that the authority is making progress in this sector. Earlier, India’s Finance Ministry stated that the country will analyze global leaders’ stances on crypto rule frameworks in the coming months. India admits need for Crypto regulation 
In the latest written response, the Indian government showed its intention to take further measures for the effective regulation of crypto assets. This came in line with the New Delhi Leaders’ declaration adopted by G20 nations. 
As reported, the New Delhi Leaders’ Declaration welcomed the International Monetary Fund (IMF) – Financial Stability Board (FSB) Synthesis Paper. It presented a roadmap that backs a coordinated and comprehensive policy and regulatory framework on crypto assets. 
The paper looked into the full range of risks, especially emerging markets and developing economies (EMDEs). 
However, the response did not provide specific details of the regulatory measures. It highlighted the guidance given by the IMF-FSB Synthesis Paper. As reported, This paper was presented during the Leaders’ Summit. It mentions all of the valuable insights to both G-20 and non-G20 jurisdictions in order to develop clearer policies for around crypto industry. 
The reply stated that the IMF-FSB Synthesis Paper admits that EMDEs face higher risks from digital assets. It provided flexibility to authorities as it allowed them to take additional targeted measures based on specific characteristics. This includes the size of the economy and financial system, while, it also added regulatory priorities, institutional quality, and capacity. What’s next? 
The response filed by Pankaj Chaudhary, Minister of State for Finance of India hints that the government is expected to evaluate these country-specific characteristics. However, it needs to look at the risks to regulate the most crucial regulatory measures for the market. 
It is also important to note that the response neither delves into specific details of the proposed regulations. It highlighted the need for a framework that covers the evolving nature of crypto assets and the risks linked to it. 
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India to evaluate Country-Specific risks for Crypto regulations

Todayq News

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