India’s finance minister calls for global crypto regulation

India’s Minister of Finance, Nirmala Sitharaman, said that all countries must unite for better worldwide crypto regulation.

Speaking at the Global Fintech Fest 2023, Sitharaman added that there should be a global regulatory framework “for handling issues related to crypto assets.” 

According to The Free Press Journal, the finance minister stressed the importance of the country’s Income Tax Return (ITR), claiming that some tax categories have risen by a minimum of three times in terms of tax filings.

Sitharaman added that technology is one of the essential tools for positive change.

“I want [the] banking system, the financial ecosystem [including] the mutual funds, stock markets… everybody to keep in mind that when someone deals with his (customer’s) money, the organizations will have to think about the future and ensure that they (customers) nominate their heir, give the name and address.” 

Nirmala Sitharaman, Global Fintech Fest

On Aug. 2, India submitted a proposal for a global regulatory framework around digital assets. The G20 Presidency Note emphasized the important roles of the Financial Stability Board (FSB) and the International Monetary Fund (IMF) in protecting investors in the crypto ecosystem.

Moreover, another report on Aug. 16 revealed India’s crackdown on crypto gaming and betting platforms that have been evading taxes. The report added that 50 different platforms and individuals have been investigated regarding a Cyprus-based group that collected over $84 million and converted the assets into crypto to evade taxes.