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The G20 member countries have endorsed the recommendations of the Financial Stability Board ( #FSB ) and the International Monetary Fund ( #IMF ) regarding the regulation, supervision, and oversight of digital assets.
"We urge the FSB and standard-setting bodies to promote the effective and timely implementation of these recommendations on a consistent basis #worldwide to avoid regulatory arbitrage," stated government leaders.
Global regulatory authorities presented the document on September 7th, following India's initiative as the current chair of the G20.
The G20 countries called for the swift implementation of a reporting system for #crypto assets and amendments to general financial documentation standards. Measures to combat money laundering were also approved during the summit.
The FSB's recommendations cover a significant portion of the crypto market. They aim to harmonize standards for jurisdictions to mitigate risks associated with digital assets. Experts highlighted the danger of stablecoins to economic stability according to the FSB, and DeFi platforms have the potential to exacerbate vulnerabilities in traditional systems.
The upcoming meeting of finance ministers and central bank governors in Morocco in October is expected to continue the G20 dialogue on cryptocurrency regulation.
IMF Managing Director Kristalina Georgieva noted that "there is still much work ahead, including in the area of digital currencies and crypto assets."
Previously, the advisory body to the #G20 concluded that none of the existing "stablecoins" meets the standards set by central banks of major economies.
Recall that in July, the FSB presented recommendations for global regulation of digital assets. The document sets norms for stablecoin issuers and trading platforms.
"We urge the FSB and standard-setting bodies to promote the effective and timely implementation of these recommendations on a consistent basis #worldwide to avoid regulatory arbitrage," stated government leaders.
Global regulatory authorities presented the document on September 7th, following India's initiative as the current chair of the G20.
The G20 countries called for the swift implementation of a reporting system for #crypto assets and amendments to general financial documentation standards. Measures to combat money laundering were also approved during the summit.
The FSB's recommendations cover a significant portion of the crypto market. They aim to harmonize standards for jurisdictions to mitigate risks associated with digital assets. Experts highlighted the danger of stablecoins to economic stability according to the FSB, and DeFi platforms have the potential to exacerbate vulnerabilities in traditional systems.
The upcoming meeting of finance ministers and central bank governors in Morocco in October is expected to continue the G20 dialogue on cryptocurrency regulation.
IMF Managing Director Kristalina Georgieva noted that "there is still much work ahead, including in the area of digital currencies and crypto assets."
Previously, the advisory body to the #G20 concluded that none of the existing "stablecoins" meets the standards set by central banks of major economies.
Recall that in July, the FSB presented recommendations for global regulation of digital assets. The document sets norms for stablecoin issuers and trading platforms.
