Exclusive | G20 Summit in Gandhinagar: India aims for consensus on regulating cryptocurrency industry

The G20 Finance Ministers and Central Bank Governors will engage in discussions centered around cryptocurrencies during their meeting in Gandhinagar - which began on July 16th and ends on July 18th. One key objective of this meeting, held under India's presidency, is to determine whether a unified regulatory framework for cryptocurrencies and crypto assets can be established.

Finance Ministers and Central Bank Governor will brainstorm on a common road map for regulating the cryptocurrency sector. The roadmap would focus on safeguarding national and macroeconomic security, investor protection and encouraging innovation.

G20 leaders will review the reports prepared by the Financial Stability Board, OECD, IMF and Bank for International Settlements, which had been asked to make recommendations on regulating cryptocurrencies and crypto assets earlier this year.

Among the objectives being discussed, is that the policy framework must take into account concerns of emerging and developing economies and non G20 members. CNBC-TV18 has learnt that the members will discuss capacity building measures to strengthen enforcement power of regulators, starting with countries with higher adoption of crypto assets, internationally active exchanges and where large stablecoin issuers are located.

The IMF is also working on a risk assessment and mitigation framework for countries to take corrective action. The FSB and IMF will work together on developing common terminologies, bridging data gaps and recommending guidelines for cross border sharing of information, said a source.

The Financial Action Task Force or the FATF is likely to recommend a greater coverage of anti money laundering laws across countries, especially in high risk jurisdictions.