G20 Crypto Regulatory Guidelines Issued Before Summit

The G20 is an international forum that brings together the financial leaders of many of the world's most prolific economies for the mutual pursuit of prosperity.

In March 2018, G20 leaders met in Buenos Aires for a summit that covered topics such as the increasingly prominent role of cryptocurrencies and digital assets in the world economy.

Instead, G20 leaders promised meaningful regulatory action in July.

With the latest G20 meeting just days away, the FSB issued guidelines for monitoring and regulating crypto assets.

The FSB's report, issued in conjunction with the Committee on Payments and Market Infrastructures, the International Organization of Securities Commissions, and the Basel Committee on Banking Supervision, maintains its contention that crypto assets do not pose a significant risk to global financial stability.

Because crypto markets are expanding so quickly, the organization is striving to monitor their proliferation, particularly the ways through which they could impact the traditional financial system.

The organization will monitor crypto markets for instances of fraud, and its potential impact on consumer confidence.

The purpose of the FSP is to provide oversight guidelines for G20 nations, not to impose crypto regulation directly.

Citing a lack of global consensus on crypto governance and the inherent lack of transparency in crypto markets, the FSB acknowledge that its efforts would be challenging.

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