G20 leaders to discuss advancing proposed cryptocurrency regulatory roadmap in October

Odaily News The leaders of G20 member states on Saturday endorsed the recommendations of the Financial Stability Board (FSB) and the International Monetary Fund (IMF) on crypto asset activities and markets, as well as the regulation and supervision of global stablecoins. The G20 will continue to pay close attention to the risks of the rapid development of the crypto-asset ecosystem, and the G20 finance ministers and central bank governors will discuss the roadmap for advancement at the October 2023 meeting. The next G20 finance ministers and central bank governors meeting is scheduled to be held in Marrakech, Morocco. The G20 Leaders’ Summit Declaration stated, “We welcome the IMF-FSB comprehensive document, which includes a roadmap, that will support a coordinated and comprehensive policy and regulatory framework, taking into account prevailing risks as well as emerging markets and developments Risks specific to emerging economies (EMDEs), as well as FATF standards being implemented globally to address money laundering and terrorist financing risks.” G20 leaders endorsed the work plans of the FSB and industry standard-setting bodies (SSBs) on crypto-assets, as well as the international Bank for Settlements (BIS) report on key elements and risks in the crypto ecosystem. G20 leaders also called for the rapid implementation of the Crypto-Asset Reporting Framework (CARF) and Common Reporting Standard (CRS) amendments. (The Economic Times) According to previous news, the International Monetary Fund (IMF) and the Financial Stability Board (FSB) released a joint policy roadmap on Thursday and stated that simply banning cryptocurrencies will not eliminate their risks. To address the macroeconomic risks posed by cryptocurrencies, jurisdictions should “strengthen monetary policy frameworks, guard against excessive volatility in capital flows, and adopt clear tax policies for cryptocurrencies,” the report said. The report reiterates the IMF’s position that a blanket ban on cryptocurrencies may not help mitigate related risks and that targeted restrictions may be particularly suitable for emerging economies.