The G20 Finance Ministers met in Japan over the weekend and published a
communique. The group asked the Financial Stability Board (FSB) and other bodies to “monitor risks and consider work on additional multilateral responses as needed”.
This follows an
FSB report published ten days ago in preparation for the meeting which concluded that currently, crypto-assets don’t present a global stability risk. However, it found there are regulatory gaps between jurisdictions. Furthermore, members have different opinions about the level of coordination to be attempted. The FSB concluded that, for now, the approach should be to continue monitoring rather than take action.
It appears the G20 is saying if there were co-ordinated action, what form might that be? Previously the FSB noted that, in part, the gaps relate to the definition of a security. For example, Bitcoin and Ether are not considered securities in some countries. Additionally, the FSB had stated that because of different legal frameworks, a coherent response is a challenge.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
