Crypto industry echoes Sitharaman's pitch for global crypto framework

economictimes.indiatimes.com:

Sitharaman pitched for a global framework to regulate the crytpo tokens, particularly their use in money laundering and terror financing. Speaking in a discussion hosted by the International Monetary Fund (IMF) in Washington DC, Sitharaman said, «I think the biggest risk for all countries across the board will be the money laundering aspect and the aspect of currency being used for financing terror.» The crypto industry is echoing the similar voices and said that global regulations are the need of the hour as no country can handle this alone. However, it will not be a cakewalk, they warned.

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The idea of crypto is rooted in decentralisation and needs to be completely accepted by the governments, masses and all financial institutions. «A globally recognised framework that allows digital currencies to be looked upon favourably is the need of the hour,» said Arijit Mukherjee, Founder and CEO of Yunometa, a NFT marketplace which coincides with Sitharaman's opinion. India has recently introduced a 30 per cent tax on the gains from crypto assets, along with keeping a track on who was transacting in these assets. Meanwhile, it can not be ruled out that crypto assets have been used for money laundering and other fraudulent activities. The intensity and gravity of the same has increased lately, the market participants said. «A dark side of the web and technological innovation allows illicit forces to exploit such opportunities,» said Pratik Gauri, Founder and CEO, 5ire. «Still, this problem is not unique to cryptocurrencies.» The recent