G20 Members Discuss Crypto Regulations, This Is Their Goal!

G20 members began to gather to discuss crypto regulations. (Photo; Doc. Runthechain)

JAKARTA - A number of finance ministers and central bank governors from the G20 group of countries recently gathered in Marrakesh, Morocco, for a two-day meeting to discuss various issues, including crypto asset regulations.

In a statement released after the meeting, the G20 finance chiefs expressed appreciation to the International Monetary Fund (IMF) and the Financial Stability Board (FSB) for drafting the "IMF-FSB Synthesis Paper" which was welcomed by the G20 leaders in the G20 New Delhi Declaration. The IMF and FSB released this synthesis paper entitled "Policy for Crypto Assets" in September.

In the communique, the G20 finance chiefs stated the adoption of the G20 Roadmap regarding Crypto Assets, proposed in the synthesis paper. They consider this Roadmap as an important tool to achieve common goals in macro-economic and financial stability.

It is also aimed at ensuring effective implementation of a comprehensive policy framework for crypto assets. They urged rapid and coordinated implementation of the Roadmap, including cooperation beyond the G20 region and information sharing.

The G20 finance ministers and central bank governors also asked the IMF and FSB to provide regular updates on progress in implementing the G20 Roadmap on Crypto Assets. They expressed support for the ongoing work and implementation of global standards by the Financial Action Task Force (FATF) regarding crypto assets.

In September, G20 leaders endorsed IMF and FSB recommendations to regulate, supervise, and supervise crypto asset activities and markets as well as global stablecoin regulation. They also emphasized the need to promote effective implementation globally to prevent differences in regulations.