India begins with the elaboration of crypto regulations after it has excluded a ban
India begins with the elaboration of crypto regulations after it has excluded a ban
- Lange has been assumed that India is planning a complete ban on cryptocurrencies.
- At the G20 summit, which has just come to an end, India joined other G20 countries to support the common recommendations of IMF and FSB for cryptocurrency guidelines.
- crypto investors in India can now breathe a sigh of relief while waiting for the crypto framework.
Based on the combined recommendations of the International Monetary Fund (IMF) and the Financial Stability Board (FSB), India develops a framework for regulating cryptocurrencies, which, if it is approved
According to Siddharth Sogani, CEO of CREBACO, which has worked with government organizations and departments, the Indian government is developing a five-point crypto legislation with a global perspective.
India has just completed the G20 summit, in which the Chinese president did not want to participate, with an excellent result. The summit led to several important economic announcements, including some that affected the cryptocurrency industry. In the area of cryptocurrencies, the most remarkable decision was made in the form of joint recommendations from IMF and FSB for cryptocurrency guidelines that supported India and other G20 countries.
The crypto recommendations of the IMF and the FSB
The crypto proposals from IMF and FSB support the regulation of the cryptocurrency market instead of a complete ban.
The G20 countries can use the regulatory principles and ideas of the IMF and the FSB to create their own independent, yet cooperative legal framework for crypto
India's 5-point crypto regulatory framework
According to Sogani, CEO of CREBACO, a blockchain analysis company that has provided consulting services for a number of G20 committees and countries, India is currently developing a five-point regulatory framework on the basis of CREBACO's discussions with government representatives with a focus on international cooperation on specific topics such as crypto-stalks, their guidelines in April 2022 came into force.
The five-point crypto regulatory framework includes:
- Establishment of an advanced know-Your Customer (KYC) system for cryptocurrency companies that corresponds to FATCA and the current anti-money laundering regulations.
- crypto platforms would have to provide the regulatory authorities in real time proof-of-reserve tests.
- a global control system.
- According to the rules of the Reserve Bank of India (RBI), cryptocurrency exchanges could obtain the status of authorized dealers (such as banks).
- For cryptoplate forms, important positions such as the Money Laundering Reporting Officer (MLRO) may be required.
Source: Coinlist.me
Kommentare (0)