G20 finance ministers say the doc is important to realize macroeconomic and monetary stability objectives.
The G20 Finance Ministers and Central Financial institution Governors (FMCBG) adopted a crypto roadmap designed to help a coordinated regulatory framework for all group members.
As reported by Business Standard, the roadmap referred to as on boosting the World Financial institution’s capability to help the “low and middle-income international locations to satisfy the worldwide challenges.” The brand new regulatory tips are primarily based on updates from the Worldwide Financial Fund and Monetary Stability Board.
In keeping with the roadmap, jurisdictions ought to implement the Monetary Motion Activity Drive
(FATF) anti-money laundering and counter-terrorist financing (AML/CFT) requirements to “deal with dangers to monetary integrity” and mitigate legal and terrorist misuse of cryptocurrencies.
G20 and crypto laws
In early 2023, the FATF issued a renewed name urging international locations to undertake and implement the so-called Journey Rule, as solely 29 out of 98 jurisdictions had efficiently met the mandatory necessities. In 2024, the FATF will monitor market developments, together with actions by sanctioned actors, decentralized finance, and peer-to-peer transactions.
Throughout the subsequent two years, the G20 plans to finalize suggestions set by the Monetary Stability Board (FSB) for world stablecoins, together with their supervision and regulation. Within the meantime, the Worldwide Group of Securities Commissions (IOSCO) is anticipated to offer suggestions to map dangers related to decentralized finance. Nonetheless, the doc doesn’t point out non-fungible tokens (NFTs).
The intergovernmental discussion board first presented a crypto roadmap in early August 2023, detailing how monetary ministers and central financial institution governors from member states and organizations might advance the FSB’s crypto suggestions. One of many key suggestions of the roadmap is that G20 members, and even international locations exterior the group, mustn’t grant crypto standing of official foreign money or authorized tender.