Thread by @CryptoKingKeyur

🚨 BREAKING: 🇮🇳 #G20 Leaders make MASSIVE #Crypto Decision that could change EVERYTHING 😳

If you're into crypto, you NEED to see this 🔥

A thread 🧵

🌐 What's Happening?

👉 The G20 countries, representing the 20 biggest economies, are advancing a framework for global #crypto assets.

📍 Location

👉 The decision took place during the G20 summit under India’s presidency in New Delhi.

https://twitter.com/cryptokingkeyur/status/1700536101109412128

📆 When Does This Start?

👉 By 2027, countries will start exchanging information under this framework.

📜 Purpose of Framework

1️⃣ #Crypto-Asset Reporting Framework (CARF):

👉 Provides visibility into crypto transactions and their participants.

2️⃣ Amendments to CRS (Common Reporting Standard):

👉 A call for improved and standardized reporting.

🔗 Who's Involved?

👉 Countries like the USA, UK, China, India, and more - covering two-thirds of the global population.

🔄 How It Works

1️⃣ Annual Info Exchange:

👉 Countries will share data on #crypto transactions yearly.

2️⃣ Scope:

👉 This will cover transactions on unregulated exchanges and wallet providers.

👥 Information Shared

▶️ For each #crypto transaction:

👉 Beneficiary name
👉 Beneficiary's digital ledger address
👉 Beneficiary's account number

🇪🇺 EU's Role

👉 In May, the European Union updated rules to align with the CARF, ensuring automatic data sharing between European nations.

🏦 Stablecoins Regulation

👉 Recommendations are made to treat stablecoins similarly to commercial banks.

👉 This includes ensuring all participants in transactions can be identified.

📌 Takeaway

👉 The G20 is taking significant steps to increase transparency and regulation in the crypto market.

👉 This is a major move towards global #crypto standardization.

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https://twitter.com/cryptokingkeyur/status/1700743057799586052