Crypto Blog
The proactive approach to framing crypto-specific guidelines comes as a respite after years of conversations about an outright ban on the sector that was initially mooted by the Reserve Bank of India.
As such, India has resorted to opening discussions with relevant stakeholders to chart a path forward. This year, India took on the role of presiding over the G20, offering a distinct chance to shape worldwide financial policies, especially cryptocurrencies.the Financial Stability Board recommendations for overseeing and regulating the activities related to crypto-assets. They have also embraced a synthesis paper presented by the International Monetary Fund and the FSB.
A proactive approach to framing crypto-specific guidelines is a welcome sign, according to Rahul Pagidipati, CEO of ZebPay. In a conversation withIndia’s presidency at G20 signifies an important stride towards establishing a cohesive global regulatory framework for the crypto industry, Pagidipati added. While the initiation of crypto-specific discussions is expected to set a “positive precedent,” there is still a significant journey ahead in terms of formulating regulations for the DeFi sector.
The DeFi sector has disrupted numerous foundational principles of traditional financial regulation, which typically depend on identifying a central individual or entity tasked with ensuring market fairness and investor protection. Hence, it’s a tricky matter to determine who should be in charge of regulating the space.“International statutory bodies that have a global reach can collaborate with blockchain and crypto organizations in framing cohesive regulations without hampering innovations.
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