During the fourth and final meeting of the Finance Ministers and Central Bank Governors (FMCBGs) under India’s G20 Presidency, held in Marrakech, Morocco, the G20 unanimously adopted a critical roadmap for regulating cryptocurrencies.
This decision reflects the commitment to achieving macroeconomic and financial stability through comprehensive regulatory oversight rather than a blanket ban on crypto-assets.
The adopted Synthesis Paper outlines a detailed and action-oriented roadmap, emphasizing the need for effective, flexible, and coordinated implementation of the comprehensive policy framework for crypto-assets.
The G20 has called for regular updates on the roadmap’s progress and supports the ongoing global implementation of FATF (Financial Action Task Force) standards on crypto-assets.
The Synthesis Paper advocates for regulatory measures to address risks to macroeconomic and financial stability, emphasizing the importance of preventing the misuse of cryptocurrencies for criminal and terrorist activities.
It recommends the implementation of anti-money laundering (AML) and counter-terrorist financing (CFT) standards for virtual assets and virtual asset service providers (VASPs), in line with FATF guidelines.
Additionally, the paper acknowledges that emerging economies may face specific risks related to cryptocurrencies and suggests that they take additional measures as needed based on their jurisdictional characteristics.
This significant decision marks the conclusion of India’s G20 Presidency, focusing on the responsible regulation of cryptocurrencies to ensure financial stability and security.
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