India is likely to soften its stand on cryptocurrencies while giving them legal status but under strict regulatory measures.
Despite high-ranking government officials still speak about cryptocurrencies very cautiously, the fact that crypto-summits take place and officials are following crypto-market developments shows the potential for widespread crypto adoption.
G20 member countries held a summit devoted to digital assets. Currently, they are looking at an October deadline for reviewing a global anti-money laundering (AML) standard on cryptocurrency.
The FSC revised its rules to apply strengthened policies in order to prevent or detect money laundering and illegal activities because they aren’t opposed to cryptocurrencies.
Having rather strict cryptocurrency policies, the government of South Korea took a decision to soften them and create more crypto-friendly regulation.
South Korea’s taxation ministry is planning to introduce taxes on cryptocurrency and include them in the tax plan. The issue is to be solved in June this year.
The world’s economic leaders agreed to monitor the industry and to develop regulation proposals but no serious actions will be taken in the near future.
Bitcoin and other cryptocurrencies show recovery after positive comments from the Financial Stability Board. Today’s discussion of the G20 ministers will put more light on the state of crypto regulations.
In the run-up-to G20 summit, the news about the FSB’s positive approach to cryptocurrencies has resulted in an optimistic upturn in the market.