This week marks a significant milestone in India’s strategic growth as it successfully completes the Presidency of the G20—a resounding success for diplomacy and international collaboration. As the baton now passes to the next G20 host country, the progress India has effected at a global scale on the subject of a global regulatory framework for Virtual Digital Assets (VDAs) is commendable and leaves CoinSwitch deeply optimistic about the future.
Comprising the world’s major economies, G20 is a platform for global economic cooperation. Worthy of its stature as a rising economic power, India, has steered the discussions forward through meaningful dialogues and impactful initiatives across various facets of global governance, economics, and development. The positive and progressive discussions on global VDA regulation is particularly noteworthy.
Frontier technologies like VDA, with a rapidly evolving landscape, demand a coherent and well-thought-out approach. India’s proactive stance in fostering dialogue and understanding in this domain, and the willingness to engage with stakeholders has moved the needle forward. As leaders in India’s vibrant VDA sector, CoinSwitch acknowledges and applauds India’s efforts to explore balanced regulations that promote innovation while safeguarding consumer and national interests.
Recognizing that the success of India’s Presidency would depend not just on governmental efforts, but more so on the combination of government, industry and civil society working together on common objectives, CoinSwitch’s Public Policy team embarked early on our Track 3 diplomacy efforts, focused on global crypto-asset regulations.
We engaged with the Embassies and High Commissions in India of several prominent G20 members and invitee countries, including Germany, Canada, Japan, Australia, Mexico, and Singapore to foster knowledge sharing and find common avenues for collaboration. These interactions were marked by open discussions on the potential of blockchain technology, VDA, and Web3 and their role in shaping the future of technology, finance and their intersection. It was heartening to see the enthusiasm and interest from diplomatic missions in understanding the nuances of this emerging space, and in sharing their national experience.
CoinSwitch believes that dialogue and cooperation are essential in crafting regulations that are not only effective but also conducive to innovation and growth. Our efforts are aimed at helping bridge the gap between industry and policymakers/regulators. To this end, CoinSwitch has been at the forefront, having discussions with domestic policymakers at various ministries like MeitY and Consumer Affairs. We also released the “Blockchain, Web3, and Virtual Digital Assets” compendium, which curates questions raised by our Hon’ble Members of Parliament and the responses issued by the various Ministries over the past two years.
As India passes the baton to the next G20 host, we reflect on the significance of this momentous event. The successful completion of India’s G20 Presidency has set a precedent for constructive dialogue and collaboration at a global scale. It has shown that even in a world of diverse interests and perspectives, nations can come together to address critical issues.
At CoinSwitch, we are proud to have played our part in this event. We look forward to continued engagement with governments, international bodies, and fellow industry players to shape a regulatory framework for crypto-assets that fosters innovation and upholds the highest standards of security and compliance.
We take a moment to celebrate the achievements of India’s G20 Presidency, and remain committed to the ideals of cooperation, progress, and a brighter future for all.