Author: Jai Pratap, Cryptonews; Translated by: Songxue, Golden Finance

India's finance minister and central bank governor will hold their last meeting of the G20 presidency in Marrakech, Morocco, on October 12-13.

The cryptocurrency regulatory roadmap is expected to be one of the main agenda items during the meeting. India will seek to ensure that the issues in the New Delhi Declaration are implemented, including the cryptocurrency regulatory framework.

Ahead of the fourth G20 Finance Ministers and Central Bank Governors (FMCBG) meeting, Indian Finance Minister Nirmala Sitharaman chaired a meeting with Multilateral Development Bank (MDB) presidents and co-convener of the G20 Independent Experts Group NK Singh.

G20 members expected to discuss clear roadmap for cryptocurrency regulation

The finance ministers and central bank governors are expected to discuss a roadmap aimed at laying the foundation for a well-coordinated, comprehensive policy and regulatory framework specifically tailored for crypto assets.

Discussions around this topic are critical given the evolving landscape of digital currencies and the need for international collaboration to address the challenges and opportunities they present.

As previously reported, the G20 countries also called for the swift implementation of amendments to the Crypto-Assets Reporting Framework (CARF) and the Common Reporting Standard (CRS).

CARF establishes a standardized approach to reporting tax-related information involving transactions involving crypto assets.

The main goal is to facilitate the automatic exchange of this information with the taxpayer’s jurisdiction of residence on an annual basis.

Indian Crypto Exchanges Expect Regulatory Clarity After G20 Statement

The G20’s statement on crypto assets brought a wave of optimism to local crypto platforms that had long been waiting for clear crypto regulations.

However, it will take some time for India to implement some concrete regulations, but the government has shown interest in moving in this direction. Indian cryptocurrency platforms are calling for the establishment of a self-regulatory organization.

Earlier, Reserve Bank of India Governor Shaktikanta Das, in his keynote address at the Global Fintech Festival 2023, also urged fintech companies to set up self-regulatory organizations on their own.

Despite regulatory uncertainty and harsh taxation, India becomes the highest ranked country on Chainalysis’ Global Crypto Adoption Index