Standard-setting papers and suggestions for a global crypto regulatory framework will be delivered by the FSB, IMF, and BIS.
The FSB will release proposals on the regulation, supervision, and oversight of international stablecoins, crypto asset operations, and markets by July 2023, according to a paper summarizing the findings of the meeting with finance ministers and central bank governors.
The FSB and the IMF should jointly submit “a synthesis paper incorporating the macroeconomic and regulatory aspects of crypto assets” in September 2023, which is when the next set of guidelines is anticipated to be released.
A report on the “possible macro-financial implications of the broad adoption” of central bank digital currencies will also be released by the IMF in the same month. The G20 communiqué claims:
“We look forward to the IMF-FSB Synthesis Paper which will support a coordinated and comprehensive policy approach to crypto-assets, by considering macroeconomic and regulatory perspectives, including the full range of risks posed by crypto assets.”
The BIS will also present a paper on conceptual, analytical, and potential risk-mitigation challenges in relation to cryptocurrency assets. The paper makes no mention of the due date for this report.
A G20 task force on finance will also investigate how cryptocurrencies are used to finance terrorist activities. After two days of business discussions in Bengaluru, India, the news was made.
The group discussed important financial stability and regulatory priorities for digital assets during the first finance meeting held under India’s President.
It was “critical to put in place a strong regulatory framework” according to US Treasury Secretary Janet Yellen, during the occasion. Nevertheless, she noted that the nation is not advocating a “outright ban of crypto activities.” IMF managing director Kristalina Georgieva told reporters outside the event that G20 nations should have the option of outlawing cryptocurrency.
