G20 leaders will discuss advancing the proposed cryptocurrency regulatory roadmap by the FSB and IMF in October

ChainCatcher news, G20 member country leaders expressed support on Saturday for the recommendations of the Financial Stability Board (FSB) and the International Monetary Fund (IMF) regarding the regulation and oversight of crypto asset activities and markets, as well as global stablecoins.

The G20 will continue to closely monitor the rapidly evolving risks of the crypto asset ecosystem. The G20 finance ministers and central bank governors will discuss advancing the proposed roadmap by the FSB and IMF at their meeting in October 2023. The next G20 finance ministers and central bank governors meeting is scheduled to be held in Marrakech, Morocco.

The G20 leaders' summit declaration stated, "We warmly welcome the comprehensive document submitted by the IMF-FSB (which includes the roadmap), which will support a coordinated and comprehensive policy and regulatory framework, while taking into account the pervasive risks as well as the risks unique to emerging markets and developing economies (EMDE), and the FATF standards being implemented globally to address money laundering and terrorist financing risks."

G20 leaders acknowledged the work plans of the FSB and standard-setting bodies (SSBs) on crypto assets, as well as the report from the Bank for International Settlements (BIS) on key elements and risks of the crypto ecosystem.

G20 leaders also called for the swift implementation of the Crypto Asset Reporting Framework (CARF) and the amendments to the Common Reporting Standard (CRS).