India has asked the International Monetary Fund (IMF) and Financial Stability Board (FSB) to develop “a synthesis paper” on crypto assets as part of the G20 meeting of finance ministers and central bank governors under India’s presidency. “This would help in the formulation of a coordinated and comprehensive policy approach to crypto assets,” said India’s finance ministry.

The Indian government released on Saturday its “G20 Chair’s Summary and Outcome Document” following the first two-day G20 meeting of finance ministers and central bank governors that took place in Bengaluru on Feb. 24-25. Crypto regulation was among the topics discussed.

The document adds that the FSB is “to finalize its high-level recommendations on the regulation, supervision and oversight of global stablecoins; and high-level recommendations on the regulation, supervision and oversight of crypto-asset markets and activities by July 2023.” In addition, the Bank of International Settlements (BIS) is “to submit a report on analytical and conceptual issues and possible risk mitigation strategies related to crypto assets.”

India’s ministry of finance also released a statement Saturday following the G20 meeting of finance ministers and central bank governors. “To complement the ongoing dialogue on the need for a policy framework, the Indian presidency has proposed a joint technical paper by the International Monetary Fund (IMF) and the FSB, which would synthesize the macroeconomic and regulatory perspectives of crypto assets,” the finance ministry stated, elaborating:This would help in the formulation of a coordinated and comprehensive policy approach to crypto assets.