India’s Finance Minister, Nirmala Sitharaman, stated that regulation “cannot be done” by a single country, it requires “collective action,” in a recent television interview.

Sitharaman said that India is looking at a "global" standard operating procedure (SOP) to be “agreed upon” for regulating crypto assets, ahead of India hosting the G20 Finance Ministers and Central Bank Governors meeting in Bengaluru later this month.

She suggested that crypto regulations will only be effective if there is global consensus on them. She noted:

“Regulation cannot be done by any one country singularly, it has to be a collective action because technology doesn’t group any borders.”