India, which is currently chairing the G-20, has prepared a presidential advisory to set global rules on cryptocurrencies. The evaluation note is important in that it includes India’s recommendations before the global crypto rules file to be prepared by the IMF and the Financial Stability Agency (FSB). In the prepared evaluation note, it is requested to clearly define the starting points for the implementation of the recommendations of the FSB and other standard-setting institutions. In other words, the whole of the rules prepared by the FSB in July is fully supported.
However, despite the support given to this note, some additions to the file are requested. In the note, which asks to consider the crypto-related risks that exist especially in developing countries, it is also requested to reach countries outside the G-20. It was stated that the “financial instability created by crypto assets” should be observed by the FSB, and that the cooperation between global institutions should be further increased.
While it was written that the Financial Action Task Force (FATF) set very clear rules on the use of cryptocurrencies in areas such as money laundering and terrorist financing last year, but these are still not fully implemented, it was written that it is imperative to determine a global roadmap. As it will be remembered, the FSB in July, in its guide on cryptocurrencies and stablecoins, emphasized the importance of separating customer funds from crypto exchanges’ own funds.