On Oct. 13, the Group of Twenty (G20) — an intergovernmental forum comprising 19 sovereign countries, the European Union and the African Union — unanimously adopted the "G20 Finance Ministers and Central Bank Governors Communique" during its meeting in Marrakesh, Morocco.
G20 members accepted the crypto regulatory roadmap proposed in a joint report by the International Monetary Fund (IMF) and the Financial Stability Board (FSB) in September titled "IMF-FSB Synthesis Paper: Policies for Crypto-Assets." The G20 states:
"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 paper advocates for comprehensive 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.
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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, IMF researchers propose a crypto risk assessment matrix 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 Portugal's central bank, urged international cooperation to set up a "robust framework" and avoid the possibility of "regulatory arbitrage." Similar sentiment was expressed by the executive director of strategy, policy and control at the German Federal Financial Supervisory Authority, who highlighted the inconsistencies existing on a global scale.
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Source: Cointelegraph.com
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