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G20 Endorses Roadmap for Global Crypto Asset Regulation

Key Takeaways
  • G20 Finance Ministers and Central Bank Governors have agreed on a roadmap to regulate crypto assets, aiming to ensure financial stability in the global economy
  • This roadmap, based on a recent synthesis paper, emphasizes global cooperation and clear tax treatment for cryptocurrencies, rejecting an outright ban
  • G20 Finance Ministers will continue implementing the Cross-Border Payments Roadmap to enhance cross-border payments and are satisfied with the first annual monitoring report's progress
13-Oct-2023 By: Simran Mishra
G20 Endorses Roadmap

G20 Endorses Crypto Asset Regulation Roadmap in Marrakech Meeting

G20 Finance Ministers and Central Bank Governors have released a statement during their meeting in Marrakech, Morocco, where they have endorsed a roadmap for regulating crypto assets. This decision was made at the fourth and final G20 FMCBG meeting, which was chaired by India.

The aim of this roadmap is to improve global financial stability and ensure that cryptocurrencies are managed effectively within the international economic framework. The committee has agreed upon the crypto asset roadmap, based on the synthesis paper presented last month in Delhi, which will now serve as the official blueprint for G20's approach to crypto assets.

In their joint statement, the FMCBG has called for swift and coordinated implementation of the G20 crypto asset roadmap. This comprehensive roadmap covers a policy framework, extending beyond G20 jurisdictions, global coordination, cooperation, and sharing essential information. It also addresses data gaps in the crypto market. The goal is to provide a solid effort to maintain economic and financial stability through the effective and flexible implementation of the crypto asset policy framework.

The crypto asset roadmap also emphasizes the need for clear tax treatment, aligning with the announcement made by G20 leaders in New Delhi. The report highlights that a complete ban is not a direct solution for any country. Finance ministers and central bank governors stress that the International Monetary Fund (IMF) and the Financial Stability Board will provide regular updates on the progress of the G20 roadmap for crypto assets.

G20 Finance Ministers Praise Progress on Cross-Border Payments Roadmap

G20 Finance Ministers have agreed to continue implementing the Cross-Border Payments Roadmap, which aims to enhance cross-border payments. and expressed satisfaction with the first annual monitoring report, which includes key performance indicators to achieve the goals. 

Also read - Could Grayscale's Legal Victory Boost Spot Bitcoin ETF Prospects? 

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