FSB Plenary Discusses Crypto Regulations, to Take the Issue to G20

The international body will take up the issue during the upcoming G20 summit.

The Financial Stability Board (FSB) recently hosted 24 financial authorities and representatives from 11 international organizations in New York to discuss global standards on crypto regulations.

Being part of the FSB Plenary, the meeting attracted top financial organizations including the International Monetary Fund and the World Bank.

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Though the primary agenda of the meet up was to discuss “vulnerabilities in the global financial system,” significant attention was given to the introduction of a global crypto asset regulatory guidelines.

“The Plenary discussed the different initiatives underway at standard-setting bodies to address risks from crypto-assets and any possible gaps in this work,” a press release by the international body stated.

“The FSB’s work on crypto-assets has focused on two areas: monitoring of the financial stability implications and a directory of crypto-asset regulators. Members took note of the continued rapid evolution of crypto-asset markets and the need for continued monitoring of developments.”

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The meeting took place ahead of the G20 summit scheduled to be held in Japan on June 28-29.

A major agenda for G20 summit

The FSB has already prepared a consolidated directory mentioning the crypto regulations in various jurisdictions around the globe. The body has confirmed that it will update its development on the crypto sector to the finance ministers and central bank governors in the upcoming G20 summit.

“The FSB is exploring financial stability, regulatory and governance implications of decentralized financial technologies,” the financial body added.

Based on many media reports, crypto regulation is going to be a hot topic in the G20 summit. Japan has already prepared a handbook to guide its peers in about the virtual currency regulations.

Meanwhile, local reports revealed that Indian lawmakers are considering to put a blanket ban on digital assets. The country’s central bank has already barred banks from dealing with crypto businesses which already put a massive dent on the country’s crypto industry.

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