G20 summit: Leaders for framework to report crypto assets

Tribune News Service

Ajay Banerjee

New Delhi, September 10

The G20 has backed speedy implementation of a cross-border framework for reporting crypto assets. This would regulate cryptocurrencies and assets, besides addressing concerns of illegal proceeds getting parked in digital currencies for later use in financing terrorism or real estate.

The G20 declaration yesterday specially mentioned crypto-assets. “We continue to closely monitor the risks of the fast-paced developments in the crypto-asset ecosystem,” it said. The declaration ‘endorsed’ the Financial Stability Board’s (FSB’s) high-level recommendations for the regulation, supervision and oversight of crypto-asset activities and markets.

The G20 asked the FSB and sectoral standard-setting bodies (SSBs) to promote the effective and timely implementation of these recommendations in a consistent manner globally to avoid regulatory arbitrage.

The FSB and SSBs had presented a ‘synthesis paper’, including a roadmap to the G20 on how a coordinated and comprehensive policy and regulatory framework is needed. This mentions the full range of risks and risks specific to the emerging market and developing economies.

Notably, it also has a mention of global implementation of Financial Action Task Force (FATF) standards to address money laundering and terrorism financing risks. The G20 declaration puts a timeline to its own decisions saying “Finance Ministers and Central Bank Governors will discuss taking forward the roadmap at their meeting in October 2023”.

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