G20 Embraces Global Regulators' Recommendations on Crypto Asset Regulation
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12 September

G20 member countries have just adopted the recommendations of the Financial Stability Board (FSB) and the International Monetary Fund (IMF) on the regulation, supervision and control of digital assets.

The leaders of these countries have stated:

"We ask the FSB and SSBs to promote the effective and timely implementation of these recommendations in a consistent manner globally to avoid regulatory arbitrage."

Recall the IMF and FSB presented the paper last September 7 at the initiative of India, which currently holds the presidency of the G20.

G20 countries have called for the rapid implementation of a reporting system for crypto assets and amendments to common financial reporting standards. A number of measures to help in the fight against money laundering were also approved during the summit.

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The objective of the FSB recommendations is to consolidate standards for jurisdictions to mitigate the risks associated with digital assets.

IMF and FSB experts have highlighted the danger of stablecoins to economic stability. In addition, according to them, DeFi platforms could increase the vulnerabilities of traditional systems.

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