Prime

<p>India stands out at the recent G20 summit, launching a bold initiative in the crypto sector. Combining the recommendations of the IMF and FSB, the country is sketching out a new era of crypto-asset regulation. Let’s discover the contours of this revolutionary approach.</p> 
<h2 id="an-inspired-global-crypto-regulatory-framework">An inspired, global crypto regulatory framework</h2> 
<p>Under the impetus of the Indian authorities, a quiet <a href="https://www.cointribune.com/en/crypto-linde-declenche-une-revolution-reglementaire-au-g20-2/" target="_blank" rel="noopener noreferrer nofollow">revolution</a> is underway. Sidharth Sogani, a key player in this movement, reveals the contours of this legislative framework in five points. This initiative, remarkable for its comprehensive approach, could reshape the crypto landscape in the months to come.</p> 
<div class="my-4"> 
 <div class="ads " data-page-type="" data-location="1"> 
 </div> 
</div> 
<p>According to information from <a href="https://en.coin-turk.com/india-working-on-a-five-point-crypto-regulation-framework-based-on-imf-fsb-recommendations/?" target="_blank" rel="noopener noreferrer nofollow">Coin-Turk</a>, the first measure highlighted concerns the formulation of advanced Know Your Customer (KYC) standards. This is a crucial step in combating money laundering and ensuring tax compliance. Secondly, crypto platforms will undergo real-time proof-of-reserves audits. This guarantees greater transparency and security.</p> 
<p>In addition, India plans to give cryptocurrency exchanges a status similar to that of banks. This will enable them to integrate more seamlessly into the existing financial system. In addition, key positions will be created. Their mission? To supervise and guarantee compliance with anti-money laundering standards.</p> 
<h2 id="india-takes-a-bold-step-towards-a-regulated-crypto-future">India takes a bold step towards a regulated crypto future</h2> 
<p>India stands out not only for its proactive approach, but also for its long-term vision. At a time when many countries are still floating in the murky waters of crypto regulation, India is resolutely taking the lead, echoing the words of Mr. Sogani: <em>“Regulations are inevitable; this ecosystem has grown strongly even in the absence of regulation”.</em></p> 
<p>This vision is widely shared by the Indian authorities. Even Prime Minister Narendra Modi defends a <a href="https://www.cointribune.com/en/choc-en-inde-un-appel-inattendu-pour-la-reglementation-crypto-2/" target="_blank" rel="noopener noreferrer nofollow">global approach in this field</a>. The Indian government is well aware that the future of cryptocurrencies is inescapable, and that the implementation of appropriate regulations could catalyze even more significant growth.</p> 
<p>In addition, the emphasis on a uniform tax policy demonstrates India’s commitment to promoting a healthy and viable cryptocurrency industry, where the risks of fraud and illegal activity are minimized, if not eliminated.</p> 
<h2 id="towards-a-new-chapter">Towards a new chapter</h2> 
<p>With the dawn of a new era on the horizon, India is firmly positioning itself as a leader in the crypto sector. The five measures announced are much more than isolated initiatives. They represent the pillars of a well-designed structure, shaped for a prosperous and regulated future.</p> 
<p>With an approach that combines boldness and pragmatism, India is poised to write a new page in the history of cryptocurrencies. A chapter that could well serve as a benchmark for other nations aspiring to embrace the opportunities offered by this dynamic and rapidly evolving sector.</p> 
<p>As discussions continue and plans take shape, the world’s eyes are on India, eagerly awaiting to see how this Asian giant will shape the crypto future. A future that will hopefully be characterized by transparency, innovation and unprecedented growth. The <a href="https://www.cointribune.com/en/bitcoin-5-alertes-crypto-a-ne-pas-manquer-2/" target="_blank" rel="noopener noreferrer nofollow">5 crypto alerts not to be missed</a> don’t seem to be holding back the nations.</p> 
<div class="my-4"> 
 <div class="ads " data-page-type="" data-location="2"> 
 </div> 
</div>

India announces 5 revolutionary measures for the crypto sector at the G20

Table of Contents

Cointribune EN

Other articles published on Sep 13, 2023

Crypto News: Judge Kaplan Denies SBF’s Repeated Release Requests

Ethereum Price Prediction as $10 Billion Trading Volume Comes In – Can ETH Reach $10,000?

SEC’s Gensler highlights crypto non-compliance in Senate hearing

Celebrating 6 years of Qtum's Mainnet

XRP: Analysts Predict Explosive Surge After 6-Year Accumulation

Spot On Chain launching website and mobile app in beta

Join our free newsletter for daily crypto updates!