{"id":54727,"date":"2023-12-13T06:05:48","date_gmt":"2023-12-13T06:05:48","guid":{"rendered":"https:\/\/prosfunds.com\/markets\/crypto\/india-to-consider-country-specific-risks-in-regulating-crypto-finmin\/"},"modified":"2023-12-13T06:05:50","modified_gmt":"2023-12-13T06:05:50","slug":"india-to-consider-country-specific-risks-in-regulating-crypto-finmin","status":"publish","type":"post","link":"https:\/\/prosfunds.com\/?p=54727","title":{"rendered":"India to Consider Country-Specific Risks in Regulating Crypto: FinMin"},"content":{"rendered":"<div>\n<figure id=\"attachment_129110\" aria-describedby=\"caption-attachment-129110\" style=\"width: 1200px\" class=\"wp-caption alignnone\"><noscript><\/noscript><figcaption id=\"caption-attachment-129110\" class=\"wp-caption-text\">Source: Pexels<\/figcaption><\/figure>\n<p>India\u2019s Finance Ministry will consider country-specific characteristics and risks before implementing any measures related to crypto assets.<\/p>\n<p>Minister of State for Finance Pankaj Chaudhary, during a session in the Rajya Sabha, highlighted the significance of the New Delhi Leaders\u2019 Declaration at G20 summit earlier this year.<\/p>\n<p>The declaration welcomed the International Monetary Fund (IMF) \u2013 Financial Stability Board (FSB) Synthesis Paper and its accompanying roadmap. This comprehensive policy framework aims to address the unique risks associated with crypto assets, particularly in emerging markets and developing economies (EMDEs).<\/p>\n<figure id=\"attachment_141593\" aria-describedby=\"caption-attachment-141593\" style=\"width: 850px\" class=\"wp-caption alignnone\"><noscript><\/noscript><figcaption id=\"caption-attachment-141593\" class=\"wp-caption-text\">Source: Rajya Sabha<\/figcaption><\/figure>\n<h2>IMF-FSB Synthesis to Provide Guidelines in Regulating Crypto<\/h2>\n<p><span class=\"replacer\"><\/span><br \/>Chaudhary emphasized that the IMF-FSB synthesis paper, presented during the Leaders\u2019 Summit, provides valuable guidance not only to G-20 nations but also to non-G20 jurisdictions.<\/p>\n<p>The paper underscores the heightened risks that EMDEs face in the realm of crypto assets.<\/p>\n<p>Moreover, Chaudhary pointed out the flexibility afforded by the paper to EMDEs, allowing them to adopt additional targeted measures based on specific characteristics such as economic size, financial system structure, regulatory priorities, institutional quality, and global financial integration.<\/p>\n<p>The Finance Minister highlighted the global cooperation on crypto policy after the G20 Finance Minister-Central Bank Governor meeting in Maracas (Morocco), held under India\u2019s presidency.<\/p>\n<p>As reported earlier, the leaders adopted a roadmap outlined in the synthesis paper, emphasizing its action-oriented approach. The roadmap aims to achieve macro-economic and financial stability through the effective, flexible, and coordinated implementation of a comprehensive policy framework for crypto assets.<\/p>\n<h2>India Continues to See High Crypto Adoption<\/h2>\n<p><span class=\"replacer\"><\/span><br \/>In a separate development, a report by US-based blockchain data platform Chainalysis showcased India\u2019s leading position in grassroots adaptation to cryptocurrencies.<\/p>\n<p>Despite challenges such as a 30% tax on gains and a 1% tax deducted at source, India has emerged as the second-largest crypto market globally, with transactions exceeding $260 billion. The report positions the US at the forefront, with India surpassing wealthier nations in raw estimated transaction volume.<\/p>\n<div class=\"newsletter home-newsletter single\">\n<div class=\"left-side\">\n<p>\n        <em>Enter your email for our Free Daily Newsletter<\/em>\n    <\/p>\n<p> A quick 3min read about today&#8217;s crypto news!<\/p>\n<p>    <span class=\"response-msg\" id=\"newsletter-response\"><\/span><\/p>\n<div class=\"recaptcha-text\">\n        This site is protected by reCAPTCHA and the Google<br \/>\n        Privacy Policy and<br \/>\n        Terms of Service apply.\n    <\/div>\n<\/div><\/div>\n<\/p><\/div>\n<p>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/india-to-consider-country-specific-characteristics-and-risks-in-regulating-crypto.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Source: Pexels India\u2019s Finance Ministry will consider country-specific characteristics and risks before implementing any measures related to crypto assets. Minister of State for Finance Pankaj Chaudhary, during a session in the Rajya Sabha, highlighted the significance of the New Delhi Leaders\u2019 Declaration at G20 summit earlier this year. The declaration welcomed the International Monetary Fund [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":54728,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[35],"tags":[],"class_list":{"0":"post-54727","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-crypto"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>India to Consider Country-Specific Risks in Regulating Crypto: FinMin | Prosfunds<\/title>\n<meta name=\"description\" content=\"Source: Pexels India\u2019s Finance Ministry will consider country-specific characteristics and risks before implementing any measures related to crypto\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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