India is discussing with G20 members ways to develop a standardized global framework for regulating cryptocurrencies, Indian Minister of Finance Nirmala Sitharaman said on Saturday.
If technology-driven assets such as cryptocurrencies are to be regulated, “one country alone cannot do anything,” Sitharaman told a news conference.
“We are discussing with every country whether we could frame a standard operating procedure that we all can adopt and create a regulatory framework,” she said.
Photo: AFP
India holds the G20 presidency this year, and crypto regulation and climate change are likely to be among the topics of discussion.
Sitharaman’s comments echo that of the IMF, which has stressed developing global standards for regulating cryptocurrencies.
Although India does not ban trading in crypto assets, it introduced a harsh tax rate last year, while disallowing offsetting losses in one crypto asset with gains from another.
Meanwhile, in the latest of a string of actions brought by the US Securities and Exchange Commission, the crypto exchange Kraken on Thursday agreed to pay US$30 million to settle allegations that it broke the agency’s rules by offering a service that allowed investors to earn rewards by “staking” their coins.
Crypto staking lets users generate yields in return for allowing their tokens to be used to facilitate transactions on a blockchain.
The commission has said that it can resemble a security that should be registered with the agency.
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