The government also suggested tighter domestic reforms
The Finance Ministry is in charge of crypto assets and their ecosystem, and any legislation on the subject would be effective only through international collaboration and risk assessment. This was told to the Parliament on Friday.
In a written reply, Minister of State for Finance Pankaj Chaudhary told the Lok Sabha, “Crypto assets are by definition borderless and require international collaboration to prevent regulatory arbitrage. Therefore, any legislation on the subject can be effective only with significant international collaboration on evaluation of the risks and benefits and evolution of common taxonomy and standards.”