FSB, IMF and BIS papers to set global crypto framework, says G20

The Financial Stability Board (FSB), the International Monetary Fund (IMF), and the Bank for International Settlements (BIS) will deliver papers and recommendations establishing standards for a global crypto regulatory framework, announced on Feb. 25 the group of the 20 biggest economies of the world, collectively known as G20. 

According to a document summarizing the outcomes of the meeting with finance ministers and central bank governors, the FSB will release by July 2023 recommendations on the regulation, supervision and oversight of global stablecoins, crypto assets activities and markets.

India’s Finance Minister Nirmala Sitharaman during FMCBG meeting in Bengaluru. Source: Ministry of Finance.

The next guidance is expected for September 2023, when the FSB and the IMF jointly should submit “a synthesis paper integrating the macroeconomic and regulatory perspectives of crypto assets.” In the same month, the IMF will also release a report on the “potential macro-financial implications of the widespread adoption” of central bank digital currencies (CBDCs). According to the G20 statement:

“We look forward to the IMF-FSB Synthesis Paper which will support a coordinated and comprehensive policy approach to crypto-assets, by considering macroeconomic and regulatory perspectives, including the full range of risks posed by crypto assets.” 

The BIS will also submit a report on analytical and conceptual issues and possible risk mitigation strategies related to crypto assets. This report’s deadline is not mentioned in the document. A G20’s financial task force will also look at the use of crypto assets to fund terrorist activities.

The announcement came after two days of official meetings in Bengaluru, India. In the first financial meeting under India’s presidency, the group addressed key financial stability and regulatory priorities for digital assets, Cointelegraph reported.

During the event, United States Treasury Secretary Janet Yellen said it was “critical to put in place a strong regulatory framework” for crypto-related activities. She also noted that the country is not suggesting an “outright banning of crypto activities.” Speaking to reporters on the sidelines of the event, IMF managing director Kristalina Georgieva stated that banning crypto should be an option for G20 countries.

All Dutch and English crypto news!

How does the economy work?

The economy is a complex system of production, distribution, and consumption of goods and services. Understanding how the economy works can be challenging, but it...

Als banken blijven omvallen, kies je dan Bitcoin of goud?

De problemen in de bankenwereld stapelen zich op. Afgelopen week leek het wel of elke dag een bank in ons veilige wereldje gered moest worden...

Do Kwon to reportedly appeal against court’s decision to extend detention

Following his arrest in Montenegro while attempting to fly using fake documents, Terraform Labs co-founder Do Kwon will reportedly appeal the court's decision to extend...

Fujitsu interested in crypto trading services: trademark application

Japanese tech giant Fujitsu filed a trademark application with the United States Patent and Trademark Office (USPTO), revealing its intent to offer brokerage services for...

Beste exchanges

Koop je crypto bij Bitvavo