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Finance Ministers and Central Bank Governors (FMCBGs) from G20 countries, under the leadership of India, have collectively announced the unanimous adoption of the ‘G20 Finance Ministers and Central Bank Governors Communique’ during their meeting in Marrakesh, Morocco.
This decision follows a month after G20 member nations approved the cryptocurrency regulatory framework detailed in a collaborative report titled “IMF-FSB Synthesis Paper: Policies for Crypto-Assets,” which was jointly presented by the International Monetary Fund (IMF) and the Financial Stability Board (FSB).
G20 Members on Crypto
The G20 member nations confirmed the formal acceptance of the framework proposed in the Synthesis Paper by the International Monetary Fund (IMF) and the Financial Stability Board (FSB).
“We adopt the Roadmap proposed in the Synthesis Paper as a G20 Roadmap on Crypto Assets. This comprehensive and action-oriented Roadmap is vital to achieving our shared objectives of macro-economic and financial stability and to ensure effective, flexible, and coordinated execution of the extensive policy framework for crypto assets.”
The G20 also urged for “swift and coordinated” execution of the roadmap. This includes the application of policy frameworks, outreach beyond G20 jurisdictions, global coordination, collaboration, and information sharing, as well as addressing data deficiencies.
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The intergovernmental forum, consisting of 19 sovereign nations, further requested that the IMF and FSB provide regular and structured updates on the progress of implementing the roadmap concerning crypto assets.
The report advocated for the implementation of anti-money laundering regulations to reduce risks to financial integrity and to prevent the misuse of cryptocurrency for criminal and terrorist activities. It also suggested that regions should comply with the anti-money laundering and counter-terrorist financing (AML/CFT) standards set by the Financial Action Task Force (FATF) that relate to virtual assets (VAs) and virtual asset service providers (VASPs).
Deviating From Outright Ban
India’s Finance Minister, Nirmala Sitharaman, initially pointed out that “content-rich papers” from organizations such as the IMF, FSB, and OECD were being reviewed back in September. At that time, she also confirmed that both the IMF and the FSB had submitted synthesis papers regarding cryptocurrency.
The proposed roadmap moves away from advocating for a total ban on crypto-assets. Instead, it favors a comprehensive approach focused on regulatory and supervisory oversight, viewed as a more feasible solution.
This recent advancement addresses a long-standing request from industry stakeholders in the region, who have faced uncertainty for an extended period.
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