TechFlow news: On Saturday, leaders of G20 member countries expressed support for the recommendations by the Financial Stability Board (FSB) and the International Monetary Fund (IMF) regarding the regulation and supervision of crypto asset activities, markets, and global stablecoins.
The G20 will continue to closely monitor risks arising from the rapid development of the crypto asset ecosystem. G20 finance ministers and central bank governors will discuss the implementation roadmap at their meeting in October 2023. The next G20 meeting of finance ministers and central bank governors is scheduled to take place in Marrakech, Morocco. The G20 Leaders' Summit Declaration stated, "We welcome the IMF-FSB comprehensive report (including the roadmap), which will support a coordinated and comprehensive policy and regulatory framework, taking into account both prevalent risks and those specific to emerging market and developing economies (EMDEs), as well as the ongoing global implementation of FATF standards to address money laundering and terrorist financing risks."
G20 leaders acknowledged the FSB’s work program on crypto assets and that of standard-setting bodies (SSBs), as well as the Bank for International Settlements (BIS) report on key elements and risks within the crypto ecosystem.
G20 leaders also called for the swift implementation of the Crypto-Asset Reporting Framework (CARF) and the amendments to the Common Reporting Standard (CRS).
