MarketsIndia finalizes crypto legality

India finalizes crypto legality

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According to the media in IndiaThe Indian government is finalizing its position on the legality of cryptocurrency to submit its response to the Financial Action Task Force (FATF).FATF) for a “mutual assessment” of the country by 2023.

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A government official was quoted as saying:

“The Department of Revenue has already sent its views and the Ministry of Economic Affairs has been tasked with preparing a detailed response on India’s position on the legality of cryptocurrency.”

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According to details published on its website, the FATF mutual evaluations are in-depth country reports that analyze the implementation and effectiveness of anti-money laundering and terrorist financing measures.

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A report from the Financial Stability Board is expected.FSB) in October.

Citing a senior government official, the report could help the government decide whether to ban cryptocurrency transactions, or provide a legal framework for dealing with local cryptocurrency trades.

On the other hand, the country is currently not aligned with the Financial Action Task Force regarding crypto assets.

As the global watchdog on money laundering and terrorist financing requires countries to have a clear position on the legality of crypto assets to be compliant.

In addition, she chaired the Indian Finance Minister Nirmala Citraman Recently the Financial Stability and Development Council (FSDC) met where issues related to crypto assets were discussed.

The council stressed the urgent need for a clear consensus on the legality of cryptocurrencies.

The Minister of Finance also recently held a meeting with the Managing Director of the International Monetary Fund Kristalina GeorgievaIt urged the International Monetary Fund to take a leadership role in regulating crypto assets.

Source: Crypto Arabia

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