G20
finance ministers and central bank governors have asked the Financial
Stability Board (FSB) and global standard-setting organizations to
monitor risks around crypto assets. The request was made in a joint communiqué published on the website of Japan’s Ministry of Finance on June 9, following the G20 meeting held in Fukuoka, Japan.
The
leaders that cosigned the document state that they urge relevant
institutions to give greater consideration to crypto assets and consider
appropriate action:
“We ask the FSB and standard setting bodies to monitor risks and consider work on additional multilateral responses as needed.”
The
joint statement also points out that “technological innovations,
including those underlying crypto-assets, can deliver significant
benefits to the financial system and the broader economy.” This exact
sentence was also included in the document released after the G20 summit
held
in July last year in Buenos Aires. After expressing such optimism, the
authors of the paper also raised concerns over those technologies:
“While
crypto assets do not pose a threat to global financial stability at
this point, we remain vigilant to risks, including those related to
consumer and investor protection, anti-money laundering (AML) and countering the financing of terrorism (CFT).”
The latest statement notes that the involved parties look forward to the adoption of the Financial Action Task Force’s (FATF) Interpretive Note and guidance
on crypto assets “at its [FATF’s] plenary later this month.” The
leaders also state that they reaffirm their commitment to applying the
recently amended FATF standards for crypto.
The document also
states that the finance ministers and central bank governors welcome
work concerning crypto carried out by international regulatory bodies,
the International Organization of Securities Commissions and the FSB.
As Cointelegraph reported
yesterday, blockchain analysis firm Chainalysis, which has “engaged
directly with global regulators,” noted that it would be surprising if
the involved parties agree on something new during the G20 summit this
year.
In April, Japanese media reported
that during the meeting of central bank governors and finance ministers
in Fukuoka, leaders were expected to establish new AML regulations.
source link
