The G20 accepts crypto proposals submitted by the IMF and the Financial Stability Board
The Group of Twenty (G20), an international forum made up of the European Union, the African Union, and 19
sovereign countries, has unanimously voted to accept the “G20 Finance Ministers and Central Bank Governors Communique” during its meeting in Marrakesh, Morocco, on October 13.
G20 members endorsed the proposed crypto regulatory roadmap highlighted in a joint report from the Financial Stability Board (FSB) and International Monetary Fund (IMF) in September titled “IMF-FSB Synthesis Paper: Policies for Crypto-Assets.”
A statement released by the G20 says, “We call for swift and coordinated implementation of the G20 Roadmap, including implementation of policy frameworks; outreach beyond G20 jurisdictions; global coordination, cooperation and information sharing; and addressing data gaps.”
The IMF-FSB paper supports broad oversight of crypto instead of an outright ban. Recommendations include cooperation across borders and sharing information between regulators. It also demands crypto companies have comprehensive governance and risk management frameworks and guarantee access to pertinent data delivered by firms to the authorities. The first review of the implementation status of the proposed efforts should occur by the end of 2025, according to the paper.
The IMF published another working paper this month titled “Assessing Macrofinancial Risks from Crypto Assets,” saying that IMF researchers propose a crypto risk appraisal matrix for countries to identify when there are potential risks in the crypto sector.
A global framework for crypto regulation has recently been requested by regulators worldwide. Portugal’s central bank governor, Mário Centeno, encouraged international cooperation to build a “robust framework” to avoid the potential of “regulatory arbitrage.” Similar opinions were communicated by the German Federal Financial Supervisory Authority’s executive director of strategy, policy, and control, who underscored the global inconsistencies.
Emma Rodriguez is the Proofreader at the Big Blind, with seven years of experience and five years in online gambling. She plays a crucial role in maintaining content quality by ensuring error-free, reader-friendly information about the gambling industry.
