The G20, led by India, has issued a Presidency Note emphasizing the importance of uniform regulation and guidance for cryptocurrencies in different countries. This comes in line with the recommendations of the Financial Stability Board (FSB) and the joint commitment of the International Monetary Fund (IMF) to deliver a synthesis paper on crypto market policies for safeguarding economies and investors.
Despite existing recommendations and standards from FSB and FATF, the G20 highlights the necessity for coordinated implementation of crypto regulations across various jurisdictions. The upcoming synthesis paper, expected to be released in August, will be considered for adoption by the G20 and endorsed if it incorporates agreed FSB and SSB work plans on regulatory issues. The paper will consolidate the efforts of various international organizations, providing a clear and monitorable framework for crypto.
In its 6-page note, the G20 identifies specific areas to be covered comprehensively in the roadmap. It prioritizes key areas of work crucial for achieving a unified and well-coordinated global crypto policy and regulatory framework for digital assets.
The G20 is calling for global action on crypto assets and aims to establish and strengthen international structures for cooperation and standardization. However, this goal has proven elusive despite being on the agenda for several years.
In a related development, Dubai’s Financial Services Authority (FSA) has also emphasized the need for enhanced communication and collaboration among global financial regulators to combat crypto-related crimes and create a tougher environment for malicious actors.