India's G20 Presidency: For Virtual Digital Assets
By: Kaushal Mahan
Virtual Digital Assets (VDAs) were, for the longest period, considered forbidden fruits, capable of causing financial instability and compromising transactional integrity. These assets, defined by the Financial Action Task Force (FATF) as a form of digital representation of value, worthy of digital trade, transfer, or making payment, have largely been subjected to a wait and watch approach. Despite India having a huge investor base and market capitalistion, the sector has been deprived of any sort of regulation in the country. However, several emerging and developed market economies are taking measures to partly regulate the sector e.g., India’s recent reform to include VDAs under the Prevention of Money Laundering Act (PMLA).