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

Wed 13 Sep 2023 ▪ 4 min of reading ▪ by Evans S.
Getting informed Crypto regulation

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.

India at the forefront of the crypto scene

An inspired, global crypto regulatory framework

Under the impetus of the Indian authorities, a quiet revolution 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.

According to information from Coin-Turk, 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.

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.

India takes a bold step towards a regulated crypto future

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: “Regulations are inevitable; this ecosystem has grown strongly even in the absence of regulation”.

This vision is widely shared by the Indian authorities. Even Prime Minister Narendra Modi defends a global approach in this field. 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.

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.

Towards a new chapter

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.

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.

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 5 crypto alerts not to be missed don’t seem to be holding back the nations.

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Evans S. avatar
Evans S.

Fasciné par le bitcoin depuis 2017, Evariste n'a cessé de se documenter sur le sujet. Si son premier intérêt s'est porté sur le trading, il essaie désormais activement d’appréhender toutes les avancées centrées sur les cryptomonnaies. En tant que rédacteur, il aspire à fournir en permanence un travail de haute qualité qui reflète l'état du secteur dans son ensemble.


The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.