India’s Federal Minister for Economic Affairs Aye Seth said that the Group of 20 (G20) nations are working to develop a political consensus on crypto assets in order to achieve better global regulation.

The first meeting of G20 Central Bank and Treasury MPs will take place on December 13-15 in Bengaluru, India.

At a press conference on the second day of the event, Seth said research should be conducted to understand the impact of crypto assets on the economy, monetary policy and the financial industry, Reuters reported.

“Regulation should come from the political point of view. In fact, one of the priorities that has been put on the table is to help countries reach consensus on the policy approach to crypto assets,” Seth said.

Also read: Analysis: Will Binance succumb to crypto market fears?

Demand for crypto regulation increased after FTX fiasco

The discussions follow the failure of the cryptocurrency exchange FTX FTT/USDwhich led to improved claims Regulation of the cryptocurrency sector.

After a wave of withdrawals from the trading platform and the failure of a rescue plan, FTX, its sister company Alameda Research and other related companies filed for US bankruptcy last month.

The management of global debt risks, the financing of climate protection and the Sustainable Development Goals and the strengthening of multilateral development banks were topics of discussion in Bengaluru.

India, the second most populous country in the world and the third largest economy, became the first country to assume the G20 presidency in November.

The organization, made up of 19 nations and the European Union, generates nearly 85% of global GDP.

Continue reading: Senators Marshall and Warren are introducing a bill to tighten crypto-money laundering regulations in the US

Photo: Shutterstock