G20 Agrees to Consistent Crypto Oversight During Marrakesh Summit

In its meeting in Marrakesh, Morocco, the G20 forum, comprising the European Union, the African Union, and 19 individual nations, collectively agreed to take on the crypto regulations proposed by the Financial Stability Board (FSB) and International Monetary Fund (IMF) on Friday October 13. The decision supports the “IMF-FSB Synthesis Paper: Policies for Crypto-Assets” released in September.

Following this endorsement, the G20 urged the swift application of the recommended crypto regulatory roadmap. Their official statement highlighted the need for policy frameworks, international coordination, cooperation, and transparent information sharing. It also emphasized filling any data inconsistencies.

The stance proposed by the IMF-FSB paper leans more toward global supervision of cryptocurrencies rather than a direct prohibition. Key suggestions are focused on transnational collaboration and clear data sharing amongst regulatory bodies. Moreover, crypto companies should adhere to strong governance protocols and ensure data relevance for authorities. As outlined, a review to check the progress of these initiatives is expected by the close of 2025.

Adding to this narrative, the IMF has also released a paper, “Assessing Macrofinancial Risks from Crypto Assets.” Here, the institution lays out a methodology for countries to determine potential threats within the crypto domain.

Mário Centeno, Portugal’s central bank governor, and an executive from the German Federal Financial Supervisory Authority both emphasized the growing need for a unified crypto regulatory system. Their sentiments resonate with the broader global call for consistent regulatory standards to avoid potential loopholes.