G20’s regulatory body, the Financial Stability Board (FSB), has issued nine recommendations aimed at reining in the cryptocurrency industry.
The proposals cover a range of issues, including the need for better regulation of crypto exchanges and the development of international standards for stablecoins.
The FSB has also called on regulators to work together to identify and mitigate the risks posed by cryptocurrencies, including money laundering and terrorist financing.
The recommendations come amid growing concerns about the impact of cryptocurrencies on the global financial system, as digital assets continue to gain popularity among investors and consumers alike.
To ensure that the ongoing work regarding the oversight and regulation of crypto-asset activities and markets is coordinated and mutually beneficial, the FSB has been working closely with the International Monetary Fund (IMF), World Bank, Basel Committee on Banking Supervision (BCBS), Committee on Payments and Market Infrastructures (CPMI), International Organisation of Securities Commissions (IOSCO), and Financial Action Task force (FATF).
The IMF also stated some important key points in their report regarding the crypto regulation.
“The timeliness of our reports is illustrated by the severe turmoil and disruption in many parts of the crypto asset market recently and by repeated cycles of rapid growth and retreat of the crypto ecosystem.”