Disclaimer: Does this look like financial advice? You are right. It isn’t. Treat it so.
“Do Your Own Research” (DYOR) is not a fad but an important element of the cryptoverse. Do keep that in mind.

India, Crypto, and the G20 Presidency

India was the first country in the G20 to call for regulation of the crypto economy, during its G20 Presidency. The idea was to bring together the top 20 economies of the world on the same page regarding regulation. That move augured well for the crypto enthusiasts in India as it was seen as the government leaning towards and accepting crypto as one of the realities of the economy.

While India did ban crypto in 2018 until it was overturned by the Supreme Court of India in 2020, there were no such steps taken thereafter. The closest India came to a ban was when International exchanges like Binance, KuCoin, and seven others were banned from operating in India unless they registered with the Financial Intelligence Unit (FIU). 
So, what is the state of crypto now?

Crypto in India | 2024 | And Forward

Nearly a year after the completion of India’s G20 Presidency, India seems to be committed to crypto regulations. The banning of the International Crypto Exchanges was seen as a step towards regulating crypto operations. Since the ban, Binance, KuCoin, and four other exchanges have already registered with India’s Financial Intelligence Unit (FIU) and started operations in India. The others will follow suit as well.

Not only is India committed to regulating crypto for its citizens, but it stays committed to the larger framework of crypto regulations across countries. To jog our memory, it was India during its G20 Presidency that worked with the International Monetary Fund (IMF) – Financial Stability Board (IMF-FSB) to present a framework for crypto regulations across borders. This paper is still evolving and most of the framework was to be finalized by 2025. Thereafter, it is like a plug-and-play. Interested countries could join in and bring themselves under the global crypto regulatory environment.

So, all’s rosy then?

Rosy and Cozy for Crypto? | Yes, but Not As Much

At least, the worry that crypto could be banned in India is a thing of the past. Now, the discussions revolve around regulation, taxation, lowering taxes, allowing more participants to join the crypto economy, and the like. Therefore, as a crypto player, it is indeed a heartening site.

Also, the regulatory framework gives a sense of confidence to crypto users. After all, it was just a couple of months ago that WazirX, one of India’s crypto exchanges was hacked and set back by roughly $240 million. WazirX is yet to open operations. That’s what could go wrong and this is why we need regulation in the crypto economy.

While users may be unhappy momentarily because of the taxes and also the regulatory framework they have to adhere to, over the longer term, this will only benefit them. So, all is good. And will remain good.

Rosy and cozy, therefore? Just about there! 😊


Image Courtesy: Reverse Speed from Splinterlands