Indian crypto firms and investors are hopeful about the future of the crypto industry, as G20 members have agreed to work on a global framework to regulate it.
Domestic crypto exchanges, which have faced a lot of uncertainty, are happy that India is willing to cooperate with the global consensus on crypto regulations.
They also welcome the recent synthesis paper by the IMF and FSB, which provides guidance to authorities on how to address the macroeconomic and financial stability risks of crypto.
Kiran Mysore Vivekananda, Chief Public Policy Officer at CoinDCX, told CryptoNews that the paper covers everything and suggests how to regulate crypto accordingly.
Ashish Singha, co-founder and CEO of CoinSwitch, wrote to CryptoNews:“The Indian government has shown its willingness to engage with the crypto industry and enhance its understanding of virtual digital assets (VDAs). Recognizing the need for a global consensus on crypto is a positive and significant step for the industry.”
Kiran Mysore Vivekananda of CoinDCX also emphasized the need for a self regulatory mechanism for the crypto industry, which would be supervised by the ministry of finance.
