India’s efforts to establish crypto regulations have received global praise for their positive impact on the integration of blockchain and artificial intelligence (AI). Top players in the Indian blockchain space believe that detailed crypto laws can benefit these emerging technologies and facilitate responsible integration into societies.
Denis Sklyarov, co-founder of the decentralized wireless (DeWi) app WiFi Map, emphasized the significance of cryptocurrencies in the evolving technological landscape. He suggested that a collaborative effort among G20 member countries could support the responsible integration of AI and digital assets into societies.
Manhar Garegrat, CEO of Panthera Web3 Wallet Suite, highlighted the potential benefits of a global regulatory framework. He pointed out that such a framework could address challenges related to money laundering, terrorist financing, and market manipulation. Garegrat cited the positive impact of the Travel Rule framework established by the Financial Action Task Force (FATF) as an example.
Om Malviya, President at Tezos India, expressed that harmonizing regulations would unlock the full potential of blockchain to benefit individuals, businesses, and economies on a global scale. Malviya believes that comprehensive crypto regulations could unleash the power of blockchain technology.
India’s efforts to establish comprehensive crypto regulations have been praised on the international stage, especially during the recent G20 Summit held in Delhi. Nirmala Sitharaman, India’s Minister of Finance and Corporate Affairs, revealed that the International Monetary Fund (IMF) provided inputs for India’s initiative to formulate crypto laws.
Ajay Seth, the Indian Secretary of the Department of Economic Affairs, mentioned that India is soon going to solicit public opinion on cryptocurrencies. The anticipated regulations might mandate that all crypto firms collect Know Your Customer (KYC) details from users, which would help in ensuring transparency and security.
The global praise India has received for its crypto regulations reflects the growing importance of cryptocurrencies and blockchain technology worldwide. As the world continues its technological evolution, collaboration and comprehensive regulations will play a crucial role in unlocking the full potential of emerging technologies like AI and blockchain. By addressing challenges related to money laundering and market manipulation, these regulations can create a secure and transparent environment for individuals, businesses, and economies to thrive.