Marrakesh, Morocco will host the G20 Finance Ministers and Central Bank Governors (FMCBGs) for their fourth and final meeting under the Indian Presidency on October 12 and 13. The Indian Ministry of Finance posted updates from the meeting on X and announced that FMCBG’s G20 roadmap for crypto assets. The update also revealed that the G20 countries will join forces and implement global policies to govern crypto.
“This detailed and action-oriented roadmap will help coordinate global policies and develop mitigation strategies and regulations for crypto assets, while also taking into account the specific implications for emerging markets and developing economies (EMDEs),” it said joint communiqué of the FMCBGs. released on Friday October 13th.
The International Monetary Fund (IMF) and the Financial Stability Board (FSB) released a joint synthesis document in September this year. This document sets the roadmap that the G20 countries will follow in terms of refining the global crypto sector.
That document laid out the foundational work upon which the coming crypto laws should be supported. The suggestions include oversight and supervision of global stablecoin arrangements (GSCs), along with support for responsible fintech innovation. The FSB also asked crypto-interested countries to leave a margin for domestic judicial approaches.
In their official statement, the FMCBGs said the IMF-FSB synthesis document provides an essential guide for the G20 group to ensure that crypto assets do not disrupt existing financial systems.
“We adopt the roadmap proposed in the synthesis document as a G20 roadmap for crypto sssets. This detailed and action-oriented roadmap is essential to achieve our common objectives of macroeconomic and financial stability and to ensure effective, flexible and coordinated implementation of the comprehensive policy framework for crypto assets,” the official note from Marrakesh said.
The G20 Group of Finance Ministers and Central Bank Governors has called for a coordinated implementation of the G20 Roadmap, including implementation of policy frameworks; reach beyond G20 jurisdictions; global coordination, cooperation, information sharing and addressing data gaps.
“We ask the IMF and the FSB to provide regular and structured updates on the progress of the implementation of the G20 Roadmap on Crypto Assets. We support the continued work and global implementation of FATF standards for crypto assets,” it said.
On Friday, India’s Ministry of Finance praised the idea and spirit of #OneEarthOneFamilyOneFuture from Marrakesh.
It is likely that India could formulate the rules set by the G20 group to oversee the volatile digital asset sector by the end of December. As India’s presidency of the G20 reached its zenith in December, the group of countries welcomed Brazil as the next head of the group.
“The adoption of the G20 Roadmap for Crypto Assets by the FMCBGs represents a progressive step in promoting international cooperation for the regulation of crypto assets. This comprehensive roadmap can guide and shape global policy, develop risk mitigation strategies, and establish adaptable regulations for the dynamic crypto market. It emphasizes addressing the various challenges faced by emerging markets and developing economies, and reflects a forward-looking approach to a rapidly evolving financial landscape,” Edul Patel, CEO of Mudrex, told Gadgets 360, commenting on the development.
