FSB and IMF open talks on global norms for crypto regulation ahead of Osaka G20 in June

By Staff Writer

The Financial Stability Board (FSB) and 11 international organizations have met in New York to discuss global standards for cryptocurrency regulations. The FSB said that the main intention is to find a way to better regulate digital currencies and how they affect the general economy.

Financial authorities from the Financial Stability Board (FSB) and 11 international organization have met in New York in order to discuss global standards of cryptocurrency regulations.

These discussions serve as a prelude to G-20 summit to be held in Osaka, Japan in June during which Tokyo is expected to push for a harmonized global regulatory framework on cryptocurrencies. The G20 finance chiefs discussed risks associated with cryptocurrencies and issued a joint declaration when they met in Buenos Aires, Argentia, in December, 2018.

The members of the FSB include Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, South Korea, Mexico, Russia, Singapore, Spain, Switzerland, Turkey, the United Kingdom, the United States, the European Union (EU), the Bank of International Settlements (BIS), the International Monetary Fund (IMF) and the World Bank (WB).

The FSB explained that the plenary discussed different initiatives to deal with the risks presented by cryptocurrencies. The board explained that they are working on two different areas, monitoring the financial stability implications and a directory of cryptocurrency asset regulators.

FSB explained: “The members took note of the continued rapid evolution of crypto-asset markets and the need for continued monitoring of developments…the FSB is exploring financial stability, regulatory and governance implications of decentralized financial technologies.”

The board explained that they are working on two different areas, monitoring the financial stability implications and a directory of cryptocurrency asset regulators.

The FSB will publish its report to the G20 in June, it said.

The G-20 has also reaffirmed its support for the global money-laundering watchdog, the Financial Action Task Force (FATF), which will continue working towards fighting against money laundering and terrorist financing.

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