According to CryptoPotato, Finance Ministers and Central Bank Governors (FMCBGs) from G20 nations have unanimously adopted the 'G20 Finance Ministers and Central Bank Governors Communique' during a meeting in Marrakesh, Morocco. This decision comes a month after the G20 member nations accepted the crypto regulatory roadmap outlined in a collaborative report titled 'IMF-FSB Synthesis Paper: Policies for Crypto-Assets,' jointly presented by the International Monetary Fund (IMF) and the Financial Stability Board (FSB).

The G20 member nations announced the official adoption of the roadmap put forth in the Synthesis Paper by the IMF and the FSB. The G20 also called for 'swift and coordinated' implementation of the roadmap, which includes policy frameworks, extending outreach beyond G20 jurisdictions, global coordination, cooperation, and information sharing, and addressing data gaps. The intergovernmental forum comprising 19 sovereign countries further requested the IMF and FSB to offer regular and structured updates on the progress of implementation of the roadmap on crypto assets.

The paper advocated implementing anti-money laundering norms to mitigate risks to financial integrity and prevent the illicit use of cryptocurrency for criminal and terrorist activities. It also recommended that regions should adhere to the anti-money laundering and counter-terrorist financing (AML/CFT) standards established by the Financial Action Task Force (FATF) that pertain to virtual assets (VAs) and virtual asset service providers (VASPs). The proposed roadmap deviates from endorsing an absolute prohibition of crypto-assets, leaning towards a comprehensive strategy centered on regulatory and supervisory oversight, seen as a more practical solution. This recent development addresses a longstanding demand from industry participants in the region, who have endured uncertainty for a significant period.

The Group of Twenty (G20) unanimously accepted the crypto regulatory Roadmap proposed in a joint report presented in September by the International Monetary Fund (IMF) and the Financial Stability Board (FSB) on October 13.  

Crypto Assets is one of the topics mentioned in the G20 Finance Ministers and Central Bank Governors Communique, which was adopted by the fourth and final meeting of the G20 Finance Ministers and Central Bank Governors (FMCBGs) under the Indian Presidency, held during 12-13 October 2023 in Marrakesh, Morocco, on the sidelines of the IMF/WB Annual Meetings. 

“The FMCBG communique draws guidance from the G20 New Delhi Leaders Declaration (NDLD) and benefited significantly from the consensus that was reached at the Leaders’ Summit,” a press statement from the meeting said. 

Adopting the “IMF-FSB Synthesis Paper: Policies for Crypto Assets,” the communique called for implementing a policy framework, global coordination, cooperation, and information sharing among member countries. It also underscored the need for addressing data gaps and making global outreach beyond G20. 

The IMF-FSB synthesis paper argues that a blanket ban on cryptocurrencies will be ineffective. It advocates for a comprehensive oversight that includes cross-border cooperation and information sharing between regulators. It recommends several other measures intending to strengthen and consolidate oversight measures. 

The paper proposes the first review meeting of the implementation of its recommendations by the end of 2025. 

“We adopt the Roadmap proposed in the Synthesis Paper as a G20 Roadmap on Crypto Assets. This detailed and action-oriented Roadmap is essential to achieve our common goals of macro-economic and financial stability and to ensure effective, flexible, and coordinated implementation of the comprehensive policy framework for crypto assets,” the communique said. 

“We ask the IMF and FSB to provide regular and structured updates on the progress of the implementation of the G20 Roadmap on Crypto Assets. We support the ongoing work and global implementation of FATF standards on cryptoassets,” the statement added. 

India postponed enacting crypto regulations, although the government made several announcements of putting the bill before parliament but never actually did it. Given the predominantly cross-border features of cryptocurrencies, it has been argued that a unified and global approach to crypto regulations is required.  

This year, it assumed the presidency for the powerful inter-governmental group comprising f 19 countries, the European Union and the African Union. The announcement of joining the African Union in this group was made at the G20 Leaders’ Summit 2023 in September. 

A recent study conducted by the Atlantic Council, an American think tank, reveals that as of June 2023, 130 countries globally are participating in Central Bank Digital Currency (CBDC)-related initiatives. 11 of these nations, including several Caribbean countries and Nigeria, have already introduced their own CBDCs. Sweden, leading the pack, has actively initiated trial operations for its CBDC, indicative of significant progress amongst G20 member nations in this innovative financial technology sector.