G20 Nations Unanimously Adopt Crypto Regulatory Roadmap

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This article has been republished with permission from Binance News.

According to CryptoPotato, Finance Ministers and Central Bank Governors (FMCBGs) from G20 nations have unanimously adopted the ‘G20 Finance Ministers and Central Bank Governors Communique’ during a meeting in Marrakesh, Morocco. This decision comes a month after the G20 member nations accepted the crypto regulatory roadmap outlined in a collaborative report titled ‘IMF-FSB Synthesis Paper: Policies for Crypto-Assets,’ jointly presented by the International Monetary Fund (IMF) and the Financial Stability Board (FSB).

The G20 member nations announced the official adoption of the roadmap put forth in the Synthesis Paper by the IMF and the FSB. The G20 also called for ‘swift and coordinated’ implementation of the roadmap, which includes policy frameworks, extending outreach beyond G20 jurisdictions, global coordination, cooperation, and information sharing, and addressing data gaps. The intergovernmental forum comprising 19 sovereign countries further requested the IMF and FSB to offer regular and structured updates on the progress of implementation of the roadmap on crypto assets.

The paper advocated implementing anti-money laundering norms to mitigate risks to financial integrity and prevent the illicit use of cryptocurrency for criminal and terrorist activities. It also recommended that regions should adhere to the anti-money laundering and counter-terrorist financing (AML/CFT) standards established by the Financial Action Task Force (FATF) that pertain to virtual assets (VAs) and virtual asset service providers (VASPs). The proposed roadmap deviates from endorsing an absolute prohibition of crypto-assets, leaning towards a comprehensive strategy centered on regulatory and supervisory oversight, seen as a more practical solution. This recent development addresses a longstanding demand from industry participants in the region, who have endured uncertainty for a significant period.



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