G20 adopts IMF-FSB Synthesis Paper on crypto regulation

On October 13, the Group of Twenty (G20) – a forum of governments that includes 19 sovereign countries, the European Union and the African Union – unanimously adopted the “Communication of G20 Finance Ministers and Central Bank Governors” at a meeting held in Marrakesh, Morocco.

G20 members adopted the crypto regulatory roadmap presented in September by the International Monetary Fund (IMF) and the Financial Stability Board (FSB) in a joint report, “IMF-FSB Synthesis Paper: Policies for Crypto-Assets.” The G20 says:

“We call for rapid and coordinated implementation of the G20 Roadmap, including the implementation of policy frameworks; outreach beyond the G20 regions; international coordination, cooperation and information sharing; and addressing information gaps.”

The IMF-FSB paper advocates comprehensive regulation of crypto rather than a blanket ban. The high-level recommendations include cross-border cooperation and information sharing between regulators, the need for comprehensive governance and risk management frameworks for crypto companies and the guarantee of access to relevant information provided by companies to authorities.

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According to the newspaper, a preliminary review of the proposed measures should take place by the end of 2025.

In October, the IMF published another working paper entitled “Assessing Macro-Financial Risks from Crypto Assets”. In it, IMF researchers proposed a crypto risk assessment matrix to identify potential risk indicators and triggers in the sector.

Regulators around the world have recently called for a global framework on crypto. Mário Centeno, governor of Portugal's central bank, urged international cooperation to develop a “strong framework” and avoid “regulatory arbitrariness”. A similar comment was made by the German Federal Financial Supervisory Authority's Director General for Strategy, Policy and Regulation, highlighting the inconsistency at the global level.

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