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India Releases Presidency Notes on Crypto Regulations to Shape Global Crypto Rules

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India has shared its opinions on crypto regulations to contribute to the global motion for unified crypto rules.

The global crypto rules could help crypto firms know their operation boundaries and assist in preventing money laundering, fraud, and terrorism financing.

India Contributes to the Global Crypto Regulations

The International Monetary Fund (IMF) and the Financial Stability Board (FSB) worked together to produce a synthetic paper containing global crypto rules.

India released a presidency note as its official collective crypto suggestion for shaping the global crypto rules.

Information from the note shows that the synthetic paper could be unveiled in late August, two weeks before the forthcoming G20 Leaders’ Summit.

Verifiably, IMF, on July 18, 2023, also shared on its blog that it would release the synthetic paper during the next Leader’s Summit.

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The Indian presidency note suggests that the synthetic paper should address macro-financial problems and risks specific to developing economies and Emerging Markets.

Furthermore, the Indian government, via the note, delivered action points that could assist FBS and other standard-setting bodies in implementing their recommendations effectively.

Moreover, the action points also hinted at the need to create public awareness of crypto risks, focusing more on areas/regions with higher cryptocurrency adoption.

It also emphasized that the IMF and FSB should be responsible for coordinating the work associated with the global crypto rules to ensure that the goals of the rules are met.

U.S. Congressional Committee Approves Crypto Bills

The United States of America is getting close to ending the crypto-fiat chaos of the country.

The U.S. House panel passed bills that could provide precise crypto regulations for crypto companies in its territory.

As of July 26, 2023, Lawmakers supported the Twenty-first Century Act on Financial Innovation and Technology.

The Act contains transparent rules that will guide crypto firms in registering with either the Securities and Exchange Commission (SEC) or Commodity Futures Trading Commission (CFTC).

Remarkably, the recent actions of United States lawmakers are favoring the crypto industry. They have also sanctioned the Blockchain Regulatory Certainty Act.

Note that the Blockchain Regulatory Certainty Act provides recommendations to help ease stress and requirements for blockchain service providers and developers like miners, DeFi platforms, and multi-signature service deliverers.

Notwithstanding the approval of these bills, some Democrats and Republicans fought against passing another proposed digital asset-related bill referred to as the Digital Assets Market Structure Bill.

Kenya Suspends Worldcoin Operations for Privacy and Financial Security Reasons

Today August 2, 2023, Kenya’s Ministry of Interior, through its Facebook Page, revealed that the Kenyan Government suspended Worldcoin activities in the country.

Worldcoin is a crypto project running a human identity protocol, with a central focus on global human identification to distinguish between real humans and A.I. participation in internet events.

The suspension is for the Ministry to investigate the crypto project’s legality, to understand the safety and protection of Kenyans’ data, and to ensure the public financial safety of its citizens.

 

 

 

 

 

 

 

 

 

 

 

 

 

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