FSB and IMF to present a global crypto-regulation roadmap

The Financial Stability Board (FSB) and the International Monetary Fund (IMF) will prepare a document urging global coordination in establishing a regulatory framework for digital assets. CoinDesk reports.

The report will be presented at the G20 summit this weekend. It includes a roadmap to remove political constraints on regulating the crypto-asset market, including global cooperation and information sharing.

India, which chairs the G20 until December, pressed for the creation of the document. The initiative is intended as a response to the need for a comprehensive policy response to the potential threat posed by the new technology.

“The risks of crypto assets are not limited to financial stability and may also include macroeconomic factors related to monetary sovereignty, volatility of capital flows, and fiscal policy,” said Klaas Knot, chair of the FSB.

Authorities will decide on further measures to address potential economic problems based on the report.

In December 2022, the FSB announced proposals for regulating the crypto market with a concrete timetable for their implementation. The catalyst for the initiative was the collapse of FTX.

In July 2023, the Council presented recommendations on global crypto regulation. The document sets standards for stablecoin issuers and trading platforms.

Earlier, the G20’s advisory body concluded that none of the existing stablecoins meets the standards set for digital assets by the central banks of the world’s largest economies.