India, the current president of the Group of Twenty (G20), has released its presidential note on crypto in a bid to incorporate its advice into the global crypto regulatory framework.

The note is considered significant as it is an official document voicing India’s recommendations before the next iteration of drafting global crypto rules a synthesis paper co-produced by the International Monetary Fund (IMF) and the Financial Stability Council (FSB).

In July, the FSB individually called for tougher rules for crypto asset activity and global stablecoin regulation. The note reveals a synthesis paper is expected in late August, less than two weeks before the G20 Leaders Summit.

On July 18, an IMF blog said that the organization would submit a synthesis paper at the Leaders’ Summit. Two people familiar with the matter said news of the note first emerged ahead of a meeting of Finance Ministers and Central Bank Governors (FMCBG) in India last month through Ajay Seth, a senior official with India’s Ministry of Finance.

“The G20 members requested an amendment to the note, bearing in mind that any document from India as the current G20 president should reflect the collective judgment of the members,” said the two people, quoted from CoinDesk, Thursday (3/8/2023).

The note requests that the synthesis paper include action points such as promoting the effective implementation of the recommendations of the FSB and all other standard-setting bodies.

In addition, the note requests that the macrofinancial implications and risks specific to Emerging Markets and Emerging Economies be taken into account.

Other action points include outreach to all jurisdictions to raise risk awareness, starting with regions that have seen higher adoption of crypto assets and engaging non-G20 members and devolving responsibility for coordinating work around global crypto regulation to the IMF and FSB.