During a parliamentary session, the Indian government reacted to queries about crypto regulation in India.

The government stressed the importance of the IMF-FSB synthesis document, which was delivered at the G20 summit, saying that it provides a framework for both G20 and non-G20 countries to adopt “clearer policies on crypto assets.”

The government provides an update on the progress of the Indian Crypto Framework.

On Monday, the Indian government responded to questions about cryptocurrency legislation in India. Since July 2019, when a draft bill was introduced, the Indian government has been dealing with the issue of cryptocurrency regulation.

Pankaj Chaudhary, Minister of State in the Ministry of Finance, responded to the question on Tuesday. He went on to say: “On the crypto asset agenda, the New Delhi Leaders’ Declaration welcomed the International Monetary Fund (IMF).

Financial Stability Board (FSB) synthesis paper, including a roadmap that supports a coordinated and comprehensive policy and regulatory framework on crypto assets, taking into account the full range of risks and risks specific to the emerging market and developing economies (EMDEs). He went on to say:

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The IMF-FSB synthesis document was delivered at the Leaders’ Summit and provides vital recommendations to jurisdictions other than the G20 for moving forward with clearer policies on crypto assets.

Minister Chaudhary finished, saying:

As a result, all jurisdictions, including India, are expected to analyze country-specific characteristics and dangers to consider any necessary regulations on crypto assets.

The Indian government also responded to inquiries last week about the government’s support for Web3 startups and the number of crypto service providers registered with the country’s Financial Intelligence Unit.

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