G20 Urges Speedy and Unified Execution of IMF’s Crypto Roadmap

During their recent meeting, the G20 finance ministers and central bank governors have embraced the roadmap on crypto assets proposed by the International Monetary Fund (IMF) and the Financial Stability Board (FSB). They have called for “swift and coordinated implementation” of this roadmap.

The G20 finance ministers and central bank governors gathered in Marrakech, Morocco, on October 12-13, and among the various topics discussed, they also focused on crypto asset regulations.

In their official communique issued at the conclusion of the two-day meeting, the G20 finance chiefs extended their gratitude to the International Monetary Fund (IMF) and the Financial Stability Board (FSB) for their work on the IMF-FSB Synthesis Paper, which the G20 leaders had welcomed in the G20 New Delhi Declaration. The IMF and FSB had jointly published the synthesis paper titled “Policies for Crypto Assets” in September.

The communique states, “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 macroeconomic and financial stability and to ensure effective, flexible, and coordinated implementation of the comprehensive policy framework for crypto assets.” The G20 finance chiefs underline the importance of swift and coordinated implementation of this G20 Roadmap, which includes policy framework implementation, outreach beyond G20 jurisdictions, global coordination, cooperation, information sharing, and addressing data gaps.

Additionally, they have requested regular and structured updates from the IMF and FSB on the progress of implementing the G20 Roadmap on Crypto Assets. The G20 finance ministers and central bank governors express their support for the ongoing efforts and global adoption of FATF standards related to crypto assets.

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In September, the G20 leaders, in their declaration, voiced their endorsement of the IMF and FSB recommendations regarding the regulation, supervision, and oversight of crypto asset activities and markets, as well as global stablecoin arrangements. They urged the FSB and other standard-setting bodies to promote consistent, effective, and timely implementation of these recommendations worldwide to prevent regulatory arbitrage.

Feel free to share your thoughts on the G20 finance ministers and central bank governors’ call for swift and coordinated implementation of the G20 roadmap on crypto assets in the comments section below.

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