Offshore crypto contract tied to Jio Platforms exposes India’s regulatory gaps

There is also a sense of irony here. During its G20 presidency in 2023, India sought to put the cross-border risks of crypto assets at the centre of the global agenda. At the request of Indian authorities, the International Monetary Fund (IMF) and Financial Stability Board (FSB) prepared a synthesis paper on crypto assets, covering risks specific to emerging market economies. In October 2023, G20 finance ministers adopted its proposals as the official ‘G20 Roadmap on Crypto Assets’, calling for swift and coordinated implementation of regulatory frameworks and greater cross-border coordination. India helped shape the global conversation, but domestic implementation of the agenda remains incomplete.