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G20 Financial Heads Request Regulators to Develop Multilateral Reactions to Cryptocurrency

The central bank heads and finance ministers of the G20 countries have requested the Financial Stability Board (FSB) and organizations that set global standards to oversee risks surrounding cryptocurrency assets.

The request was said to have been passed in a memorandum posted on June 9 on the website of the Japanese Ministry of Finance. The memo came on the heels of the G20 meeting that was held in Fukuoka, Japan.

The heads that co-signed the document said that they are pressing the appropriate institutions to place greater attention to crypto assets and come up with the appropriate action.

Advantages to the Financial Structure

The joint statement of the finance leaders stated that they’re asking the FSB and the relevant bodies to “monitor risks and consider work on additional multilateral responses” as required. They also emphasized that innovations like crypto assets can provide major advantages to the financial structure and the economy.

These sentiments also appeared in a document released after the G20 meeting held in Buenos Aires last year. However, the countries also expressed their concerns about crypto technology. They acknowledged that while crypto assets are not yet a danger to worldwide financial stability, governments have to remain aware of the risks, including those related to anti-money laundering (AML), investor and consumer protection, and countering the financing of terrorism (CFT).

Embracing FATF

The recent communique signed by the G20 finance leaders also noted that they are looking forward to embracing the Interpretive Note of the Financial Action Task Force (FATF) and the released guidelines on crypto assets at the task force’s plenary this month.

It was reported back in April that the meeting of finance ministers and central bank governors in Fukuoka would lead to the establishment of new AML policies.

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