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Global Standard Setters to Deliver Global Crypto Policy Roadmap
The Financial Stability Board and the International Monetary Fund are set to deliver a paper calling for global coordination on crypto policy at this weekend's G20 summit.
Updated Sep 5, 2023, 8:43 a.m. Published Sep 5, 2023, 8:00 a.m.
The Financial Stability Board and International Monetary Fund are set to introduce a joint paper on global crypto policy, FSB Chair Klaas Knot wrote in a Tuesday letter.
The FSB, a global standard setter, and the global economic agency IMF are presenting the paper at this weekend’s G20 Summit. The paper includes a roadmap on the implementation of policy frameworks for crypto including global coordination, cooperation and information sharing.
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The paper was requested by India, which holds the G20 presidency until December. It is a response to a need for “a comprehensive policy response” to the risks crypto presents. Events including the bankruptcy of crypto exchange FTX and collapse of the terraUSD stablecoin highlight the “vulnerabilities” that crypto faces, which require close monitoring given the growing linkages between crypto and the wider financial system, the letter said.
“The risks of crypto-assets are not confined to financial stability, but can also include macroeconomic risks relating to monetary sovereignty, capital flow volatility and fiscal policy,” Knot wrote.
The paper will highlight the amplified macrofinancial risks that emerging markets and developed economies might face, which could raise the need for targeted measures.
CoinDesk reported in August that G20 nations were asking for the paper to include a call for global collaboration and that India was pushing for concerns around macrofinancial implications and risks specific to emerging markets and developing economies to be included.
The FSB called for a global framework in July and its officials said that these rules won’t need to be completely new.
UPDATE (Sept. 5, 8:43 UTC): Removes reference to IMF being a United Agency in second paragraph.
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