Some of the world’s leading finance ministers have pledged to look seriously at how a system of regulation could be developed to govern crypto assets. In a communique published on Tuesday, the G20 said:“ We call on international standard-setting bodies (SSBs) to continue their monitoring of crypto-assets and their risks, according to their mandates, and assess multilateral responses as needed.”
A deadline of July later this year was set for a package of recommendations to be articulated, with the Italian central bank governor Ignazio Visco commenting that he expected this task to be largely entrusted on the International Organisation of Securities Commissions (IOSCO).
A senior Japanese finance ministry official speaking after the G20’s meeting in Argentina said “Many G20 members didn’t take crypto-assets too positively” and acknowledged “some form of regulation was necessary”. But, as with all international bodies, the problem of finding an overall consensus for action agreed by nations with varied interests and circumstances could prove to be difficult.
Brazil’s Central Bank president Ilan Goldfajn was defiant in saying that cryptocurrencies would not be regulated in his country and that Brazil may not agree to any regulations that are outlined by the G20 on crypto assets. And although France agreed on the need for regulation of crypto assets, the measures they are advocating - such as banning deposits and loans made in cryptocurrencies - are far more draconian and hard-line than those envisioned by other nations.
The G20 has agreed on a pledge to enforce the standards of the Financial Action Task Force (FATF) - an intergovernmental body designed to mitigate money laundering and stop terrorist financing - to cryptocurrency.
"We commit to implement the FATF standards as they apply to crypto-assets, look forward to the FATF review of those standards, and call on the FATF to advance global implementation."
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