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G20 finance ministers say the document is necessary to achieve macroeconomic and financial stability goals.
The G20 Finance Ministers and Central Bank Governors (FMCBG) adopted a crypto roadmap designed to support a coordinated regulatory framework for all members of the group.
As reported by crypto-assets-123101300106_1.html” target=”_blank” rel=”noreferrer noopener”>Business standard, the roadmap called for increasing the World Bank’s capacity to support “low- and middle-income countries in addressing global challenges.” The new regulatory guidelines are based on updates from the International Monetary Fund and the Financial Stability Board.
According to the roadmap, jurisdictions should implement the Financial Action Task Force
(FATF) against money laundering and the financing of terrorism (AML/CFT) to “address risks to financial integrity” and mitigate criminal and terrorist misuse of cryptocurrencies.
The G20 and crypto regulations
In early 2023, the FATF issued a renewed call urging countries to adopt and implement the so-called Travel Rule, as only 29 out of 98 jurisdictions had successfully met the necessary requirements. In 2024, the FATF will monitor market developments, including the activities of sanctioned actors, decentralized finance and peer-to-peer transactions.
Over the next two years, the G20 plans to finalize the recommendations set out by the Financial Stability Board (FSB) for global stablecoins, including their supervision and regulation. Meanwhile, the International Organization of Securities Commissions (IOSCO) is expected to provide recommendations to map the risks associated with decentralized finance. However, the document does not mention non-fungible tokens (NFTs).
The intergovernmental forum first presented a crypto roadmap in early August 2023, detailing how finance ministers and central bank governors of member states and organizations could promote the FSB’s crypto recommendations. One of the key recommendations of the roadmap is that G20 members, and even countries outside the group, should not grant cryptocurrencies the status of official currency or legal tender.
