Tag: G20

Crypto Policies, AI Remain Key Topics of Focus for G20’s 2024 Agenda Under Brazil: FSB

Brazil took the reins of the G20 presidency from India in December 2023 and will continue to preside over the organisation until November this year. Crypto-related policy formulation, asset tokenisation, and responsible handling of Artificial Intelligence (AI) will continue to remain key focus points for discussions this year. The details have been disclosed by global fintech watchdog, the Financial Stability Board (FSB). Prior to this, the FSB contributed to the crypto policy research work that India initiated under its G20 presidency last year.  

Klaas Knot, the chairperson of the FSB, has written a letter to the G20 group, detailing the key issues to look at in 2024. This letter was circulated to the G20 nations ahead of the meetings of the group scheduled for February 28 and 29 at São Paulo, Brazil.  

“The FSB will continue to coordinate international work through the G20 Roadmap on crypto assets. To address growing financial stability risks from cyber incidents, the FSB is also designing a format for incident reporting exchange (FIRE) for public consultation,” the letter said. Subsequently, the topic of enhancing ways to process cross-border payments is also among important ones.  

The letter has outlined certain challenges facing the global fintech sector that need attention on priority. The letter sent by the FSB to the G20 nations says, “debt service challenges could increase, and exposures to sectors facing existing headwinds, like commercial real estate, bear close monitoring. Abrupt shifts in market pricing could expose vulnerabilities in the financial system, including those related to leverage and liquidity mismatch in NBFI.”

Throughout 2023, the FSB had joined in India’s vision of establishing a global policy framework to oversee the crypto sector. After receiving feedback from stakeholders and the public, the organisation outlined some pointers for crypto regulations which included supervision and oversight of global stablecoin arrangements (GSCs) and support for responsible innovation while leaving a margin for jurisdictions to implement domestic approaches.

As per the FSB, the vulnerabilities that are riddling the crypto sector resemble those prevalent in the traditional financial practices related to leverage, liquidity mismatches, technological as well as operational.  

Despite finalising a crypto roadmap for G20 nations to adopt for crypto monitoring, the FSB firmly believes that more clarity in legalities must be introduced to keep sensitive sectors like crypto and AI safe for usage.  

“Further work may be needed to enhance cross-border cooperation and information sharing and to address information gaps identified,” the organisation had said in November 2023.   
 

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India’s Crypto Action Awaits Analysis on Nation-Specific Characters and Risks: Finance Ministry

India is standing on the cusp of embracing the crypto sector, but well within a concrete legal framework to safeguard its nationals against any financial risks. Before that happens, the country is laying focus on assessing the impacts and risks that crypto could pose on its existing financial systems. This update was shared recently by Pankaj Chaudhary, Minister of State for Finance. Chaudhary, this week, told the Rajya Sabha that New Delhi Leaders’ Declaration has accepted the crypto roadmap that was recently finalised by the G20 nations to be adopted.

“All jurisdictions, including India, are expected to evaluate the country specific characteristics and risks in order to reach an appropriate consideration of any necessary measures on crypto assets,” Chaudhary reportedly told the Upper House in a written statement.

The crypto roadmap that the G20 nations have finalised under India’s Presidency this year leaves a margin for emerging markets and developing economies (EMDEs) to customise the listed laws to better suit their economic and legal stances.

“India has been ranked at the top in grassroots crypto adoption, according to the Chainalysis 2023 Global Crypto Adoption Index. No wonder then, that it is critical for India to develop a robust crypto asset regulatory framework that ring fences the ecosystem from bad actors and unscrupulous incidents, while promoting innovation and providing Indians the opportunity to be a part of this exciting new global emerging tech, and in fact lead this change. We welcome the Finance Ministry’s response in the Parliament today on measures for effective regulation of crypto-assets,” said R Venkatesh, SVP and Head of Public Policy at CoinSwitch.

As of now, no deadline has been issued to the G20 nations concerning the adoption of the crypto roadmap. For India, the deployment of these final crypto laws could still be at least 18 months away. This information was disclosed by Jayant Sinha during the India Blockchain Week that is being held in Bengaluru. As the Chair of the Standing Committee on Finance in India’s Parliament, Shah is a parliamentarian from the ruling Bharatiya Janata Party (BJP).

“Regulators and policymakers are responsible, not just on the innovation side, which of course we want to encourage, but also on the safety side. We have to really find that balance and that balance is going to evolve over the next 12 to 18 months,” Coindesk had quoted Sinha as saying at the time.

Meanwhile, Chaudhary also told the Rajya Sabha that the government, as of now, is not registering foreign crypto exchanges that gives them a legal permission to operate in the country.

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India’s Concrete Crypto Rules Could Arrive by Mid-2025, Government Official Claims

After India and other G2O nations decided to adopt a crypto roadmap framed with suggestions from global financial bodies, one would have thought the deployment of these laws were just around the corner. That, however, is not the case. A senior government official has recently claimed that a Web3-specific crypto bill in India can be expected to come around mid-2025. This means, it could take up to eighteen more months before India gets a final set of laws for Web3 firms to adhere to.

The information was disclosed by Jayant Sinha during the India Blockchain Week that is being held in Bengaluru. As the Chair of the Standing Committee on Finance in India’s Parliament, Shah is a parliamentarian from the ruling Bharatiya Janata Party (BJP).

“Regulators and policymakers are responsible, not just on the innovation side, which of course we want to encourage, but also on the safety side. We have to really find that balance and that balance is going to evolve over the next 12 to 18 months,” Coindesk quoted Sinha as saying.

The parliament official said that the government is taking calculative steps towards engaging with Web3 because it is still curious to see the usecases of related technologies that could empower the nation.

“Global standards are still evolving and 2024 is the year of elections around the world. Many important countries, whether it’s the US, the UK, India, are going in for elections. So, I’m not sure in 2024 the standards will develop. We also have to see what’s going to emerge from the (crypto) meltdown about whether some of these companies are going to survive,” Sinha added.

This update from a government official comes just days after Indian finance minister Nirmala Sitharaman gave soft updates on what’s next for Web3 in India.

In her update, Sitharaman said that all countries that are part of the G20 group, can customise laws based on the decided crypto roadmap and deploy these rules that lays focus on supervision and oversight of global stablecoin arrangements (GSCs) along with support for responsible fintech innovation.

“When we move to the Brazilian presidency, given the momentum that the crypto assets issue has picked up in G20, if there is anything emerging, we will know at that time. At the moment, the content of the roadmap is what is before us to act on,” the finance minister said.

Meanwhile, the government has instructed all Web3 firms operating in the country to register with the Financial Intelligence Unit and report any detected suspicious crypto transactions to the authorities under the anti-money laundering law of the land. Crypto incomes are also taxed at 30 percent in India along with a one percent tax that is processed on each crypto transaction to maintain trails of these otherwise largely anonymous money transfers.

Despite the legal clarity around crypto, India topped a list of 154 countries for showing the most rapid adoption of cryptocurrencies on a grassroot level. The report compiled by Chainalysis in September also named Nigeria and Thailand among nations showing brisk crypto adoption.

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When Will G20 Nations Adopt Decided Crypto Roadmap? Indian FM Gives Update

India is set to handover the presidency of the G20 nations to Brazil in December, after one year of holding it. During India’s G20 presidency, it worked with global financial institutions on formulating laws to govern the crypto sector on an international level. Prior to the weekend, Indian finance minister Nirmala Sitharaman provided some insights into the status of this crypto roadmap adoption by G20 nations. While Sitharaman said that the G20 roadmap on crypto has been adopted, more clarity will be given by Brazil in the coming months.

“When we move to the Brazilian presidency, given the momentum that the crypto assets issue has picked up in G20, if there is anything emerging, we will know at that time. At the moment, the content of the roadmap is what is before us to act on,” Sitharaman was quoted by Forbes as saying in a recent press briefing.

This essentially means that all the countries that are part of the G20 group, can customise laws based on the decided crypto roadmap and deploy these rules that includes supervision and oversight of global stablecoin arrangements (GSCs) along with support for responsible fintech innovation.

Sitharaman, as part of her update, also noted that as of now there is no specific timeline decided for G20 nations to deploy their customised versions of the crypto roadmap.

In the coming days, the Financial Stability Board (FSB), International Monetary Fund (IMF), and the Financial Action Task Force (FATF) are expected to check if all nations adopting the crypto roadmap is being put in place without any loopholes for notorious elements to exploit.

This crypto roadmap was finalised with the suggestions of the IMF and the FSB, that also asked crypto-interested nations to leave a margin for domestic judiciary approaches in order to make the sector safe to engage with.

In October, when the G20 nations confirmed the adoption of this roadmap, an official note from G20 had said that, “this detailed and action-oriented roadmap is essential to achieve our common goals of macro-economic and financial stability and to ensure effective, flexible, and coordinated implementation of the comprehensive policy framework for crypto assets.”

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India-Led G20 Adopt Roadmap on Crypto Assets Suggested by IMF, FSB Joint Synthesis Paper

Marrakesh, Morocco is hosting the G20 Finance Ministers and Central Bank Governors (FMCBGs) for their fourth and final meeting under India’s Presidency on October 12 and 13. The finance ministry of India posted updates from the meeting on X, disclosing that FMCBGs have adopted the G20 roadmap on crypto assets. The update also revealed that the G20 nations will join forces and implement global policies to govern crypto.

“This detailed and action-oriented roadmap will help coordinate global policy as well as develop mitigating strategies and regulations on crypto assets while also taking into consideration the specific implications on Emerging Markets and Developing Economies (EMDEs),” said the joint communique from the FMCBGs released on Friday, October 13.

The International Monetary Fund (IMF) and the Financial Stability Board (FSB) released a joint synthesis paper, back in September this year. This paper makes for the roadmap that the G20 nations will follow in-terms of finetuning the global crypto sector.

That document laid down the foundational work for the upcoming crypto laws to be supported on. The suggestions included supervision and oversight of global stablecoin arrangements (GSCs) along with support for responsible fintech innovation. The FSB also asked crypto-interested nations to leave a margin for domestic judiciary approaches.

In its official statement, the FMCBGs said that the IMF-FSB synthesis paper makes for an essential guide for the G20 group to ensure that crypto assets do not disturb the existing financial systems.

“We adopt the Roadmap proposed in the synthesis paper as a G20 Roadmap on crypto sssets. This detailed and action-oriented roadmap is essential to achieve our common goals of macro-economic and financial stability and to ensure effective, flexible, and coordinated implementation of the comprehensive policy framework for crypto assets,” the official note released by Marrakesh said.

The group of G20 finance minister and central bank governors have called for a coordinated implementation of the G20 roadmap, including implementation of policy frameworks; outreach beyond G20 jurisdictions; global coordination, cooperation, sharing of information, and addressing gaps in data.

“We ask the IMF and FSB to provide regular and structured updates on the progress of implementation of the G20 Roadmap on Crypto Assets. We support the ongoing work and global implementation of FATF standards on crypto assets,” the paper noted.

On Friday, the Indian finance ministry hailed the idea and spirit of #OneEarthOneFamilyOneFuture from Marrakesh.

It is likely that by the end of December, India could spell out the rules that have been finalised by the G20 group to oversee the volatile digital assets sector. With India’s G20 presidency culminating in December, the group of nations welcomed Brazil to become the next chief of the group.

“The adoption of the G20 Roadmap on crypto assets by the FMCBGs represents a progressive stride in fostering international collaboration for the regulation of crypto assets. This comprehensive roadmap can guide and shape global policy, evolve risk-mitigation strategies, and establish adaptable regulations for the dynamic crypto market. It emphasizes addressing the distinct challenges encountered by Emerging Markets and Developing Economies, reflecting a forward-looking approach to a rapidly evolving financial landscape,” Edul Patel, CEO, Mudrex told Gadgets 360, commenting on the development. 

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Detailed Crypto Laws Would Result in Responsible Industry Use of Blockchain, AI: Indian Web3 Experts

India will be finalising its public opinion on cryptocurrencies in the coming days, Ajay Seth, the secretary of the department of economic affairs recently affirmed in an interview. During the recently held G20 Summit in Delhi, international policymakers as well as officials from global financial institutions like the International Monetary Fund (IMF) — praised India for giving the idea of framing crypto laws that would work on a global level. As India and other G20 nations continue the work on drafting these rules, Indian Web3 players believe that the release of detailed laws would lead to a responsible industry use of blockchain and Artificial Intelligence (AI).

The awaited crypto laws that India and the other G20 nations are working on could mandate all firms working with digital assets to collect the KYC details of users, adhere to the Foreign Account Tax Compliance Act (FATCA), and meet anti-money laundering standards.

The crypto laws could additionally order crypto firms to regularly release proofs of reserves to ensure that market debacles like the FTX and Terra collapses do not shake up the ecosystem again, leaving investors high and dry.

With India’s approach, these rules would be uniform across several nations.

“Cryptocurrencies are emblematic of our evolving technological landscape. With the G20’s collective wisdom, we can responsibly integrate AI and cryptocurrencies into our societies,” Denis Sklyarov, Co-Founder and CEO of WiFi Map, a crypto centric DeWi (decentralised wireless) app, told Gadgets 360.

AI has been making its way to the crypto sector these recent months with AI-infused cryptocurrencies as well as generative AI chatbots coming up to help people get information and awareness around digital assets.

However, like industry players are using AI to forward their cause of expanding and growing the Web3 ecosystem, scammers and hackers are also exploiting the technology to hunt for unsuspecting victims and perform unlawful activities like money laundering.

“With a global regulatory framework in place, we can expect to better tackle challenges such as money laundering, terrorist financing, and market manipulation. We have already seen glimpses of this positive impact with the Travel Rule framework created by the Financial Action Task Force (FATF), which is being supported by exchanges, custodians and other virtual asset service providers (VASPs),” said Manhar Garegrat, Country Head for India and Global Partnership at Liminal, a digital wallet infrastructure platform.

The Travel Rule requires VASPs and financial institutions engaged in virtual asset transfers to collect and share the personal data of transaction originators and beneficiaries to prevent misuse of cryptocurrencies.

Meanwhile, the legal safeguarding of cryptocurrencies could ease people’s concerns on working with blockchain technology, which is another outlook that industry players are optimistically looking at for the future course of the adoption of this technology.

Blockchain technology uses a distributed and unchangeable ledger that can only be accessed by members with permission. This can secure data saved on blockchain from being tampered, hence increasing the transparency in record maintenances. But since blockchain serves as the underlaying technology for cryptocurrencies, it is also perceived as a risky, largely unchartered territory for many to foray into.

“It’s time for nations to come together and shape the future of crypto in a way that’s both progressive and secure. By harmonising regulations and promoting responsible crypto adoption, we can harness the full potential of blockchain technology, ensuring it benefits individuals, businesses, and economies worldwide,” Om Malviya, President at Tezos India, told Gadgets 360.

In the backdrop of the G20 summit held last week in Delhi, Gita Gopinath, the First Deputy Managing Director of the IMF, praised India’s work on these rules so far.

As part of its legal ideas to regulate crypto worldwide, India is also reportedly looking at giving crypto firms the status of ‘authorised dealers’ like traditional banks. In addition, the rules could require crypto firms to hire for positions like the Money Laundering Reporting Officers (MLRO).

Commenting on these upcoming laws, Dilip Chenoy, the chief of the Bharat Web3 Association (BWA) told Gadgets 360 that the IMF-FSB synthesis paper has already laid down the foundational work for these laws to be based on.

“Some of the priority areas highlighted in the document include anti-money laundering (AML) and Combating the Financing of Terrorism (CFT) as well as consumer protection initiatives. While it is too early to assume and comment on the approach that the Indian government will take, we must and will remain committed to developing a supporting ecosystem for orderly growth of the Web3 sector,” Chenoy noted.

At its highest valuation, the crypto sector breached the mark of $3 trillion (roughly Rs. 2,48,92,050 crore) in November 2021, surpassing Apple’s market cap at the time.

Owing to the lack of concrete regulations, however, back-to-back collapses of promising projects, as well as a plethora of crypto scams have dealt a blow to investor trust in the sector in the last two years. Presently, the crypto market valuation stands at $1.01 trillion (roughly Rs. 83,75,172 crore) and experts predict this number to boom once the sector gets a strong legal backbone.

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Crypto Reporting Framework Discussed During G20, Decision Taken on Swift Implementation

The G-20 leaders on Saturday decided on swift implementation of the reporting framework for crypto assets, saying a significant number of member nations want information exchange on such non-financial assets to start by 2027. 

The Crypto Asset Reporting Framework (CARF) or template is being developed to make sure that such non-financial assets are not used by tax evaders to conceal their unaccounted wealth.

“We call for the swift implementation of the CryptoAsset Reporting Framework (“CARF”) and amendments to the CRS. We ask the Global Forum on Transparency and Exchange of Information for Tax Purposes to identify an appropriate and coordinated timeline to commence exchanges by relevant jurisdictions,” said the G20 Leaders’ declaration, which was adopted by consensus.

The leaders of 20 developing and developed nations have reaffirmed the commitment to continue cooperation towards a globally fair, sustainable and modern international tax system appropriate to the needs of the 21st century.

“We remain committed to the swift implementation of the two-pillar international tax package. Significant progress has been made on Pillar One including the delivery of a text of a Multilateral Convention (MLC), and work on Amount B (framework for simplified and streamlined application of the arm’s length principle to in-country baseline marketing and distribution activities) as well as the completion of the work on the development of the Subject to Tax Rule (STTR) under Pillar Two,” the declaration said.

Briefing reporters after the summit, Finance Minister Nirmala Sitharaman said the G20 countries have made substantial progress on the two-pillar solution.

“Work has happened on exchange of information on immovable property transactions between countries. There is a launch of the pilot programme of the South Asia academy for tax and financial crime investigation in collaboration with the OECD,” Sitharaman said.

Under the global tax deal, about 140 countries, including India, have agreed to an overhaul of global tax norms to ensure that multinationals pay taxes wherever they operate and at a minimum of 15 percent rate. However, some vexed issues still need to be ironed out before its implementation.

The G20 countries called on the OECD to develop an inclusive framework to swiftly resolve the few pending issues relating to the MLC (multilateral convention) with a view to preparing the MLC for signature in the second half of 2023 and completing the work on Amount B by the end of 2023.

“We welcome the steps taken by various countries to implement the Global Anti-Base Erosion (GloBE) Rules as a common approach. We recognise the need for coordinated efforts towards capacity building to implement the two-pillar international tax package effectively and, in particular, welcome a plan for additional support and technical assistance for developing countries,” the declaration said.

The G20 countries also took note of the OECD report on ‘Enhancing International Tax Transparency on Real Estate’ and the ‘Global Forum Report on Facilitating the Use of Tax-Treaty-Exchanged Information for Non-Tax Purposes’.

The OECD has suggested automatic exchange with regard to information on real estate assets among countries and the setting up of digitalised ownership registers accessible to designated relevant government agencies on a real-time basis amid concerns over investments in foreign real estate being used to “shelter undeclared assets”.

The report noted that there has been a significant increase in foreign-owned real estate assets over the past decade, and a lot of funds have been shifted from financial assets to buying foreign real assets.

The Global Forum report also called for countries to adopt a ‘whole-of-government’ approach to address the challenge of illicit financial flows through the sharing of information from tax authorities to non-tax agencies, like financial intelligence units, anti-corruption agencies, customs authorities and public prosecutors.

India had been pressing for expanding the scope of common reporting standard (CRS) at the G20 to include non-financial assets like real estate properties, under the automatic exchange of information (AEOI) among OECD countries.

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Digital Economy to Contribute Over 20 Percent of India’s GDP by 2026: IT Minister

Union Minister of State for Electronics and Information Technology Rajeev Chandrasekhar on Thursday forecast that the digital economy will contribute more than 20 percent of the country’s GDP in 2026.

Addressing the ‘G20 Digital Innovation Alliance Summit’ here, he said India is a preeminent nation that adopted technology very fast and has started offering solutions to the world.

“The digital economy has gone from 4-4.5 percent in 2014 of the total GDP to 11 percent of the total GDP today. And we expect the digital economy to contribute over 20 percent of our GDP by 2026,” Chandrasekhar said.

According to him, India adopted technology not just for innovation in a broader sense, but to deliver real solutions that have transformed people’s lives, governance and democracy in the last few years.

“This pace of digitalisation means we are now looking at every citizen, every consumer consuming digital products or services, whether it is Instagram reels or Digital Public Infrastructure that connect them to the government and governance, or using the cloud and all of the upstream and downstream impacts that are created by this space and trend of digitalisation,” the minister said.

Chandrasekhar said ‘the centre of gravity of tech’, which used to be in a few countries and centred around a few corporations and a few companies is moving to open source systems to younger and younger startups that are disrupting the normal.

These trends, according to him, are in turn capitalising on the broader trend of increased digitisation.

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Hailing Prime Minister Narendra Modi for his vision of maximum usage of digital technology, the Minister said he had called the coming decade as a ‘Techade’, a decade of technology opportunities.

“In a lot of ways our Prime Minister exhorted young Indians that ‘the India Techade’ will be built by, architected by, designed by, innovated by determination, energy, creativity of young startups around the country and around the world,” Chandrasekhar said. 

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)

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Regulatory Action on Crypto Assets Requires Global Coordination: FM Nirmala Sitharaman

Union Finance Minister Nirmala Sitharaman on Thursday said that there was a greater acceptance among Group of 20 (G20) member countries that any new regulations on the crypto assets need to be globally coordinated.

“I am glad to say that there is a greater acceptance among all G20 members, that any action on crypto assets will have to be global. “The G20, I think, has responded fairly with alacrity (on the crypto challenge),” Sitharaman told reporters at a news conference after a meeting of G20 finance ministers and central bank governors.

“The G20 and its members agree that it’s not going to be possible to have an independent, standalone country dealing with the crypto assets,” the minister added.

Sitharaman told reporters that the group has willingly responded to the issue. A “synthesis paper” would be taken up on matters related to crypto assets during India’s G20 presidency.

India has maintained it wants a collective global effort to deal with problems posed by cryptocurrencies such as bitcoin, and the finance ministry back in February said it had held a seminar for G20 member states to discuss how to come up with a common framework.

Earlier in February, Sitharaman had said, “We are going through the study process so that there can be informed discussion. International Monetary Fund (IMF) and also the Financial Stability Board (FSB) have been doing their own little work on the crypto matter and progressing on their own. We’ve now asked them to do the papers and give it to us and the rapidity with which these papers have been already from IMF given and from FSB which will be given in time for the July meeting. I feel that we are progressing in this direction. So, something should develop.”

She made the remarks while responding to a question regarding a consensus among the G20 nations on crypto assets during India’s Presidency.

“Recognising the risks attached to the private virtual assets, G20 nations moved a step closer to developing a coordinated and comprehensive policy approach to deal with the crypto assets by considering macroeconomic and regulatory perspectives,” she said.

The Central government led by Prime Minister Narendra Modi has for several years debated drafting a law to regulate or even ban cryptocurrencies but has not made a final decision. The Reserve Bank of India has said that cryptocurrencies should be banned as they are akin to a Ponzi scheme.

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April to July Period Crucial for Global Crypto Regulations, Hints Nirmala Sitharaman

India, under its ongoing G20 Presidency, is spearheading the process of formulating crypto laws that would work uniformly on an international level and make the sector safer against crimes and misuse. In a fresh development, Indian finance minister Nirmala Sitharaman has disclosed that the three-month period between April and July will be crucial in giving the global crypto rules effort a concrete definition. The World Bank as well as the International Monetary Fund (IMF) are also onboard with India and other members of the G20 nations to weigh in on these under-development laws.

Sitharaman, during a press conference on Friday, April 7, said that the IMF and the World Bank will be opening discussions around crypto during their Spring Meeting that will be held later this month in Washington DC, US.

“Step by step on crypto, there’s enough work going on,” the Indian finance minister noted.

The IMF has been working on a paper in consultation with India which will focus on aspects of the monetary policy and the policy approach to crypto assets. The World Bank has been drafting its suggestions and concerns around the crypto sector in its own thesis.

In July, consultation papers from global finance bodies will be tabled for discussion before India and the other G20 nations.

A video of Sitharaman sharing more details on the ongoing crypto policy work is making the rounds on Twitter.

India is currently working with G20 members to create a detailed plan to help the sector grow. Detailed studies on crypto mining, transactions, and other activities are under way.

Since crypto transactions are instant and largely untraceable, the fear around it being misused for criminal purposes like terror financing and money laundering has stirred concerns for several governments around the world.

Currently, while crypto activities and profits are taxed in India and several parts of the world to maintain some track records of the transactions, the sector is unregulated globally.

The world governments are also looking to ensure that the use of crypto does not threaten the financial powers currently at disposal of the central banks.

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