India has been the president of G20 since December last year
Formulating globally workable crypto rules was part of India’s agenda
India could reveal detailed crypto laws by December this year
FMCBGs say this roadmap is essential to achieve macro-economic and financial stability
Photo Credit: X/ Ministry of Finance
Marrakesh, Morocco is hosting the G20 Finance Ministers and Central Bank Governors (FMCBGs) for their fourth and final meeting under India's Presidency on October 12 and 13. The finance ministry of India posted updates from the meeting on X, disclosing that FMCBGs have adopted the G20 roadmap on crypto assets. The update also revealed that the G20 nations will join forces and implement global policies to govern crypto.
“This detailed and action-oriented roadmap will help coordinate global policy as well as develop mitigating strategies and regulations on crypto assets while also taking into consideration the specific implications on Emerging Markets and Developing Economies (EMDEs),” said the joint communique from the FMCBGs released on Friday, October 13.
The International Monetary Fund (IMF) and the Financial Stability Board (FSB) released a joint synthesis paper, back in September this year. This paper makes for the roadmap that the G20 nations will follow in-terms of finetuning the global crypto sector.
That document laid down the foundational work for the upcoming crypto laws to be supported on. The suggestions included supervision and oversight of global stablecoin arrangements (GSCs) along with support for responsible fintech innovation. The FSB also asked crypto-interested nations to leave a margin for domestic judiciary approaches.
In its official statement, the FMCBGs said that the IMF-FSB synthesis paper makes for an essential guide for the G20 group to ensure that crypto assets do not disturb the existing financial systems.
“We adopt the Roadmap proposed in the synthesis paper as a G20 Roadmap on crypto sssets. 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 official note released by Marrakesh said.
The group of G20 finance minister and central bank governors have called for a coordinated implementation of the G20 roadmap, including implementation of policy frameworks; outreach beyond G20 jurisdictions; global coordination, cooperation, sharing of information, and addressing gaps in data.
“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 crypto assets,” the paper noted.
On Friday, the Indian finance ministry hailed the idea and spirit of #OneEarthOneFamilyOneFuture from Marrakesh.
It is likely that by the end of December, India could spell out the rules that have been finalised by the G20 group to oversee the volatile digital assets sector. With India's G20 presidency culminating in December, the group of nations welcomed Brazil to become the next chief of the group.
"The adoption of the G20 Roadmap on crypto assets by the FMCBGs represents a progressive stride in fostering international collaboration for the regulation of crypto assets. This comprehensive roadmap can guide and shape global policy, evolve risk-mitigation strategies, and establish adaptable regulations for the dynamic crypto market. It emphasizes addressing the distinct challenges encountered by Emerging Markets and Developing Economies, reflecting a forward-looking approach to a rapidly evolving financial landscape," Edul Patel, CEO, Mudrex told Gadgets 360, commenting on the development.
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