• Nirmala Sitharaman, India’s Union Finance Minister, believes that crypto regulation must be a group effort.
• This is in response to the collapse of the now defunct crypto exchange FTX.
• Many industry players think that if global regulation of the crypto space were to come about, it would likely take a very long time.
Union Finance Minister Nirmala Sitharaman on Crypto Regulation
India’s Union Finance Minister Nirmala Sitharaman believes that for effective and secure crypto regulation to occur, it will have to be done as a collective effort by all developed nations.
FTX Collapse Sparks Regulatory Concerns
The collapse of the now defunct crypto exchange FTX has sparked regulatory concern due to its weak accounting procedures which allowed its former head executive and founder Sam Bankman-Fried to use customer funds for personal investments.
Government Calls For Global Collaboration
The government has called for global collaboration among G20 countries to establish global standards in order to foster responsible growth and innovation in the cryptocurrency space.
Industry Players‘ Response On Crypto Regulation
Edul Patel – co-founder and CEO of Mudrex – thinks that if global regulation of the crypto space were to come about, it would likely take a very long time. Rajagopal Menon – vice president of Wazir X – commented that with India as the president, this could lead to positive changes in terms of regulations.