2023-11-3 20:44 |
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.
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