On Oct. 13, the Group of Twenty (G20), an international forum for the governments and central banks of countries with developed and developing economies, unanimously adopted the G20 Finance Ministers and Central Bank Governors Communique during its meeting in Marrakesh, Morocco.
Regarding crypto, the G20 accepted the regulatory roadmap proposed in a joint Synthesis paper of the International Monetary Fund (IMF) and the Financial Stability Board (FSB) in September. As the G20 statement goes:
“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 Synthesis Paper advocates for comprehensive supervisory oversight of crypto instead of a blanket ban. Its high-level recommendations include cross-border cooperation and information sharing between regulators, a demand for comprehensive governance and risk management frameworks for crypto companies, and a guarantee of access to relevant data provided by companies to the authorities.
Related: G20 nations reaffirm responsible use and development of AI technology
According to the Paper, the first review of the proposed measures’ implementation status should happen by the end of 2025.
In October, the IMF published another working paper titled “Assessing Macrofinancial Risks from Crypto Assets.” Within it, the IMF researchers propose a crypto-risk assessment matrix (C-RAM) for countries to spot indicators and triggers of potential risks in the sector.
Regulators worldwide have been calling for a global framework on crypto recently. Mário Centeno, the governor of Banco de Portugal, urged for international cooperation to set up a “robust framework” and avoid the possibility of “regulatory arbitrage.” Roughly the same sentiment was expressed by the executive director of strategy, policy and control at the German Federal Financial Supervisory Authority, who prompted about the inconsistencies existing on a global scale.
Magazine: The Truth Behind Cuba’s Bitcoin Revolution: An on-the-ground report
Click Here to Read the Full Original Article at Cointelegraph.com News…
