G20 News

Switzerland plans to adopt global standards for crypto tax reporting, joining the Crypto-Asset Reporting Framework to improve transparency.

The proposed reporting format is part of the international agency’s support for the G20 crypto asset roadmap adopted last year.

The Group of Twenty accepted the regulatory roadmap proposed in a joint Synthesis Paper of the International Monetary Fund and the Financial Stability Board.

The G20 member nations recommended addressing existing concerns around data protection, biases, appropriate human oversight and ethics to ensure the responsible use and development of AI.

The upcoming framework will affect users in several countries by automatically exchanging information about crypto transactions between jurisdictions on an annual basis.

The crypto exchange’s focus on non-U.S. markets is part of the next phase in its expansion plans.

Sitharaman said crypto was a “threat as well as an opportunity” while confirming that G20 members are working toward establishing a global crypto framework.

The country emphasizes the necessity of dealing with the risks of digital assets in developing economies.

G20 finance ministers and central bank governors are meeting this month, and the Bank for International Settlements has findings to present.

The G20 also aims to bring together global economies to fight debt distress and hyperinflation in smaller economies like Sri Lanka and Ghana.

A series of recommendations and papers setting standards for a global crypto regulatory framework will be released by the institutions in July and September.

On the sidelines of the G20 meeting, U.S. Treasury Secretary Janet Yellen said the country is not pushing for an outright banning of crypto activities.

India’s finance minister called for a coordinated effort “for building and understanding of the macro-financial implications,” which could be used to build global crypto reforms.

The BIS-affiliated advisory body will release its final recommendations on global crypto asset regulation and supervision in July.

Nirmala Sitharaman hopes that finance ministers and central bank governors can agree on crypto regulations at the G20 meeting in Bengaluru later this month.