G20 Focuses on Crypto Regulations in Marrakesh Meeting

On October 12 and 13, finance ministers and central bank governors will convene for the final time under India’s G20 presidency in Marrakesh, Morocco.

The roadmap for crypto regulations is anticipated to be one of the meeting’s main discussion topics.

India will endeavor to ensure that the issues outlined in the New Delhi Declaration are implemented, including a regulatory framework for cryptocurrencies.

NK Singh presided over a meeting with the chiefs of Multilateral Development Banks (MDBs) and co-conveners of the G20 independent expert group before the 4th G20 Finance Ministers and Central Bank Governors (FMCBG) meeting.

Finance ministers and central bank governors are anticipated to discuss the roadmap to lay the groundwork for a well-coordinated and comprehensive policy and regulatory framework explicitly tailored for crypto assets.

Given the evolving landscape of digital currencies and the need for international collaboration to resolve their challenges and opportunities, this topic’s discussions are of the utmost importance.

As was previously reported, the G20 nations also demanded the rapid implementation of the Crypto-Asset Reporting Framework (CARF) and amendments to the ‘Common Reporting Standard’ (CRS).

The CARF establishes a standardized procedure for reporting tax-related information regarding cryptocurrency asset transactions.

The primary objective is to facilitate the annual exchange of this information automatically with the taxpayer’s resident jurisdiction.

The G20 declaration on crypto assets has sparked optimism among local crypto platforms that have awaited clear crypto regulations for an extended period.

There is still time before any concrete regulations are implemented in India, but the government has signaled its intention to move in that direction. Indian cryptocurrency platforms have called for self-regulatory bodies.

Earlier, while delivering the keynote address at the Global FinTech Fest 2023, the Governor of the Reserve Bank of India, Shaktikanta Das, urged fintech companies to create their own self-regulatory organizations.

India has risen to the top of Chainalysis’ Global Crypto Adoption Index despite regulatory uncertainty and burdensome tax policies.