During its recent gathering in Marrakesh, Morocco, the Group of Twenty (G20), an influential intergovernmental forum, unanimously embraced the “G20 Finance Ministers and Central Bank Governors Communique.”
“We express our appreciation to the IMF and FSB for effectively putting together the IMF-FSB Synthesis Paper which the Leaders welcomed in the G20 New Delhi Declaration. We adopt the Roadmap proposed in the Synthesis Paper as a G20 Roadmap on Crypto Assets. This detailed and action-oriented Roadmap is essential to achieve our common goals of macro-economic and financial stability and to ensure effective, flexible, and coordinated implementation of the comprehensive policy framework for crypto assets,” the Fourth G20 Finance Ministers and Central Bank Governors Meeting, Marrakesh, Morocco, said in its communique.
This decision marks a significant step in the regulation of cryptocurrencies as G20 members rallied behind the crypto regulatory roadmap outlined in the joint report by the International Monetary Fund (IMF) and the Financial Stability Board (FSB). The report, titled “IMF-FSB Synthesis Paper: Policies for Crypto-Assets,” was proposed in September and received widespread support.
The G20’s endorsement emphasizes the need for a swift and coordinated implementation of the regulatory roadmap, as outlined in the report. The directives include the establishment of policy frameworks, outreach initiatives beyond G20 jurisdictions, global coordination, cooperation, and enhanced information sharing, all aimed at addressing data gaps in the crypto space.
Crucially, the IMF-FSB paper advocates for a nuanced approach to crypto regulation, opting for comprehensive oversight instead of a blanket ban.
It puts forward high-level recommendations such as fostering cross-border cooperation and information sharing among regulators, demanding the development of robust governance and risk management frameworks for crypto companies, and ensuring authorities have access to pertinent data provided by these companies.
The proposed timeline for the first review of these measures’ implementation status is set for the end of 2025.
