Global crypto asset regulation will be based on joint document of IMF and FSB: Indian Finance Minister | coindesk JAPAN | Coindesk Japan

The basis for a global regulatory framework for crypto-assets will be shaped by a document jointly prepared by the International Monetary Fund (IMF) and the Financial Stability Board (FSB), the Group of 20 (G20) financial institutions said on February 25. Ministers and Central Bank Governors Meeting) announced by India.

On the 25th, the conference closed after three days of conferences. According to the published Chairman’s Summary, building a regulatory framework for crypto-assets was a priority.

The joint document will be submitted during the G20 summit in India in September, Indian Finance Minister Nirmala Sitharaman said at a press conference.

When asked if an agreement on global crypto-asset regulation, which India has prioritized as the G20 presidency, could be reached in 2023, Finance Minister Sitharaman said, “First of all, we can have an informed discussion. We are moving forward with the research process,” he said.

“There should be some progress,” he continued, referring to a document the FSB is due to release in July, which is a follow-up to the September joint document.

Finance Minister Sitharaman also warned other participating countries that Canada’s central bank governor should not give cryptocurrencies the “seal of approval” without a well-discussed approach and implementation framework. made it clear that

“The World Bank said that the views of all developing countries should also be included in any[crypto-asset]policy framework,” Sitharaman said.

Reserve Bank of India (Central Bank) Governor Shaktikanta Das said last year that the G20 will continue to thrive after experiencing the failures of several major crypto companies, including FTX, and the global spread of their impact. He said that the perception of crypto assets has changed significantly.

The risks associated with crypto assets are now widely perceived, Daas said.

｜Translation: coindesk JAPAN
｜Editing: Takayuki Masuda
| Image: Indian Ministry of Finance
｜Original: Global Crypto Rules to be Based on Coming FSB & IMF Synthesis Paper, India Says After G20 Meetings