The International Monetary Fund (IMF) should lead the way in global regulation of crypto assets, India’s Finance Minister Nirmala Sitharaman has urged IMF Managing Director Kristalina Georgieva at their meeting in New Delhi.

See related article: Crypto regulation has to ‘take its time’: India FM Nirmala Sitharaman

Fast facts

  • At their meeting on Wednesday, they discussed the significance of regulating crypto assets and the need for a globally coordinated, synchronized approach on the issue.
  • They also expressed concern over key downside risks to the global economy and the cross-border effects given a volatile geopolitical situation and tighter financial conditions. 
  • India on April 1 introduced a flat 30% tax on all crypto income, and a 1% tax deducted at source on transactions that exceed 10,000 Indian rupees (US$125) from July 1. 
  • Aside from digital assets and regulation, the leaders also discussed the upcoming Group of 20 (G-20) presidency and the IMF’s support of India for the role, according to a Twitter post by India’s Ministry of Finance. 
  • The 17th meeting of the G-20 will take place in Bali, Indonesia across Nov. 15-16, with expected attendance by Russia and China.
  • Nirmala Sitharaman introduced a 30% flat tax on all crypto income from April 1, and a 1% tax deducted at source on transactions above 10,000 Indian rupees (US$125) from July 1. 

See related article: India says a crypto ban would require international collaboration