G20 Finance Leaders Ask Global Regulators To Monitor Risks Around Crypto Assets

G20 finance ministers and central bank governors have cosigned a document that asks the Financial Stability Board (FSB) and global standard-setting organizations to monitor risks around crypto assets, as requested by a joint communiqué published on Japan’s Ministry of Finance’s website on June 9. 

As per the request that follows the recent  G20 meeting held in Fukuoka, Japan, the leaders 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 further notes that “technological innovations, including those underlying crypto-assets, can deliver significant benefits to the financial system and the broader economy.” Notably, the same sentence was included in the document released after the G20 summit held in July last year in Buenos Aires.

Though after expressing optimism, the authors of the paper went on to note 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).”

As per the latest statement, involved parties are looking 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 reaffirmed their commitment to applying the recently amended FATF standards for crypto.

The document also states 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.

Chainalysis, a blockchain analysis firm that has previously “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. 

Read more:Crypto And Blockchain Weekly Wrap Up – 03 June 2019 – 8 June 2019

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