Binance’s CZ Welcomes India’s Crypto Regulation Move With G20 – Crypto News – Crypto News
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Binance’s CZ Welcomes India’s Crypto Regulation Move With G20 – Crypto News

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3 years ago

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India Crypto Regulation: Binance CEO CZ welcomed India’s move to have a common regulatory framework for crypto regulation among the G20 nations. He said having any regulatory framework is better than not having any clarity. The country’s administration, which currently holds the G20 presidency, is actively in discussion with the member countries about regulating the web 3.0 space.

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In a welcome move that indicates giving enthusiasts freedom to operate in space, the country’s finance minister Nirmala Sitharaman recently said crypto predominantly involves a lot of technology, “It’s 99% technology.” Work is on to achieve a standard operating procedure, she said.

“Having clarity is more important that not having any guidelines. In many markets, there are no guidelines but regulation is done by force. However, having guidelines doesn’t mean all of that is good.

Tight Crypto Regulation

Talking about the strict guidelines for crypto space in many countries, the Binance The CEO said it was natural for governments to first tighten policy around new inventions. He said the first draft would always be overly tight before iterations would lead to loosening in the regulatory framework. CZ said Binance was working with many regulatory bodies and global industry associations about web 3.0 regulations.

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Anvesh reports major developments around crypto adoption and trading opportunities. Having been associated with the industry since 2016, he is now a strong advocate of decentralized technologies. Anvesh is currently based in India. Follow Anvesh on Twitter at @BitcoinReddy and reach out to him at [email protected]

The content presented may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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