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G20 Calls for ‘Swift and Coordinated Implementation’ of IMF Crypto Roadmap

G20 Calls for 'Swift and Coordinated Implementation' of Crypto Roadmap

The G20 finance ministers and central bank governors have adopted the roadmap on crypto assets proposed by the International Monetary Fund (IMF) and the Financial Stability Board (FSB). “We call for swift and coordinated implementation of the G20 Roadmap,” the finance chiefs announced at their latest meeting.

G20 Finance Chiefs’ Communique on Crypto Assets

The G20 finance ministers and central bank governors convened in Marrakech, Morocco, on Oct. 12-13 where they discussed a range of topics, including crypto regulations.

In their communique released at the end of the two-day meeting, the G20 finance chiefs expressed their appreciation to the International Monetary Fund (IMF) and the Financial Stability Board (FSB) “for effectively putting together the IMF-FSB Synthesis Paper which the [G20] leaders welcomed in the G20 New Delhi Declaration.” The IMF and the FSB published their synthesis paper titled “Policies for Crypto Assets” in September.

“We adopt the Roadmap proposed in the Synthesis Paper as a G20 Roadmap on Crypto Assets. This detailed and action-oriented Roadmap is essential to achieve our common goals of macro-economic and financial stability and to ensure effective, flexible, and coordinated implementation of the comprehensive policy framework for crypto assets,” the G20 finance chiefs continued, emphasizing:

We 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.

“We ask the IMF and FSB to provide regular and structured updates on the progress of implementation of the G20 Roadmap on Crypto Assets. We support the ongoing work and global implementation of FATF standards on cryptoassets,” the G20 finance ministers and central bank governors further said in their communique.

In September, the G20 leaders stated in their declaration that they endorsed the recommendations by the IMF and the FSB “for the regulation, supervision, and oversight of crypto-assets activities and markets and of global stablecoin arrangements.” They additionally urged the FSB and other standard-setting bodies to “promote the effective and timely implementation of these recommendations in a consistent manner globally to avoid regulatory arbitrage.”

What do you think about the G20 finance ministers and central bank governors calling for a swift and coordinated implementation of the G20 roadmap on crypto assets? Let us know in the comments section below.

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