G20 to Discuss Crypto Regulations

The G20 Finance Ministers and Central Bank Governors Meeting, hosted by the Indian Finance Minister Nirmala Sitharaman, is set to take place from February 23 to 25 in Bengaluru and is expected to discuss the regulation of cryptocurrencies. Sitharaman has argued that the G20 should explore the possibility of creating a common regulatory framework for cryptocurrencies that all nations can follow. This comes as the US regulators have taken a tough stance against some of the services offered by leading companies, such as Kraken and BUSD. In contrast, the European Union approved the Markets in Crypto-Assets (MiCA) Regulation in October 2022, which sets out a comprehensive set of regulations for crypto-asset service providers (CASPs). With both the US and the EU being members of G20, the upcoming meeting of finance ministers and central bank governors will be a key event to watch in terms of the regulation of cryptocurrencies.