India is working on a crypto regulatory framework based on the joint recommendations of the International Monetary Fund (IMF) and the Financial Stability Board (FSB) that could result in legal legislation in the next 5-6 months. The framework is a five-point approach that focuses on setting up advanced Know Your Customer (KYC) for crypto companies, requiring crypto platforms to release Proof-of-reserve audits on a real-time basis to regulators, a uniform taxation policy across nations, granting crypto exchanges the status of authorized dealers, and mandating key positions such as Money Laundering Reporting Officer (MLRO) for crypto platforms. India has called for a global approach to crypto regulations for a while, with Prime Minister Narendra Modi reiterating the same during the recently concluded G20 summit. The Finance Ministry executive said that IMF-FSB recommendations offer a good “framework to decide our own way forward” and that banning cryptocurrencies is no longer an option.
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| Information | Details |
|---|---|
| Geography | Asia |
| Countries | 🇮🇳 🇺🇸 |
| Sentiment | positive |
| Relevance Score | 9 |
| People | Siddharth Sogani, Narendra Modi, Finance Ministry executive |
| Companies | Reserve Bank of India (RBI), FATCA, CREBACO, Financial Stability Board (FSB), International Monetary Fund (IMF) |
| Currencies | None |
| Securities | None |
