On Oct. 13, the Group of Twenty (G20) \u2014 an intergovernmental forum comprising 19 sovereign countries, the European Union and the African Union \u2014 unanimously adopted the \u201cG20 Finance Ministers and Central Bank Governors Communique\u201d during its meeting in Marrakesh, Morocco.<\/p>\n
G20 members accepted the crypto regulatory roadmap proposed in a joint report by\u00a0the International Monetary Fund (IMF) and the Financial Stability Board (FSB) in September titled \u201cIMF-FSB Synthesis Paper: Policies for Crypto-Assets.\u201c The G20 states:<\/p>\n
\u201cWe 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.\u201d<\/p><\/blockquote>\n
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.\u00a0<\/p>\n
Related: <\/em><\/strong>G20 nations reaffirm responsible use and development of AI technology<\/em><\/strong><\/p>\nAccording to the paper, the first review of the proposed measures\u2019 implementation status should happen by the end of 2025.<\/p>\n
In October, the IMF published another working paper titled \u201cAssessing Macrofinancial Risks from Crypto Assets.\u201d Within it, IMF researchers propose a crypto risk assessment matrix for countries to spot indicators and triggers of potential risks in the sector. <\/p>\n
Regulators worldwide have been calling for a global framework on crypto recently. M\u00e1rio Centeno, the governor of Portugal\u2019s central bank, urged international cooperation to set up a \u201crobust framework\u201d and avoid the possibility of \u201cregulatory arbitrage.\u201d 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.<\/p>\n
Magazine: <\/em><\/strong>The Truth Behind Cuba\u2019s Bitcoin Revolution: An on-the-ground report<\/em><\/strong><\/p>\nSource: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"On Oct. 13, the Group of Twenty<\/p>\n","protected":false},"author":3,"featured_media":182595,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\n
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