During last Saturday’s (9 September) G20 meeting in New Delhi, host India and its guest nations called for accelerated plans to adopt several crypto policy frameworks.
The next G20 meeting will look to further go into detail on the best methods of building regulations surrounding the crypto sector, working in tandem with recommendations from the Financial Stability Board (FSB).
G20 members are keen to progress with global crypto regulation plans after the sector took a major hit last year through multiple collapses, sending the market into spiral. Investor confidence and protection have been at the forefront of global policymakers’ minds since the turn of the year.
The G20 declaration stated: “We endorse the Financial Stability Board’s high-level recommendations for the regulation, supervision and oversight of crypto-assets activities and markets and of global stablecoin arrangements.
“We welcome the IMF-FSB Synthesis Paper, including a roadmap, that will support a coordinated and comprehensive policy and regulatory framework, taking into account the full range of risks and risks specific to the emerging market and developing economies (EMDEs) and ongoing global implementation of FATF standards to address money laundering and terrorism financing risks.”
The FSB and SSB’s shared proposed policies have been welcomed by the committee and also cited the BIS Report on ‘The Crypto Ecosystem: Key Elements and Risks Finding’ as potential recommendations to implement a defined crypto regulatory framework.
Furthermore, the Crypto Asset Reporting Framework and the Common Reporting Standards amendments were also viewed by G20 leaders as areas to implement.
The G20’s intended roadmap is to address crypto-related policies surrounding global coordination and cooperation, information sharing and gaps in clarity of crypto policies in recognising an ever-evolving landscape.
