24 financial institutions and 11 international organizations, including the International Monetary Fund and the World Bank, discussed Global standards for the regulation of cryptocurrencies.
At the plenary meeting of the Financial Stability Board (FSB), held at the Federal Reserve Bank of New York, participants discussed the vulnerabilities in the global financial system and work on avoiding them, which will be presented at upcoming G20 meetings in Japan. One of the important topics recognized is the global standardization of cryptocurrency regulation.
The importance of the consistent implementation of international standards was emphasized by the chairman of the financial regulator of South Korea – the Commission for Regulation of Financial Services Markets (FSC), Choi Jong-ku, who was present at the meeting.
“The plenary discussed the different initiatives underway at standard-setting bodies to address risks from crypto-assets and any possible gaps in this work.”
The commission said that its work with cryptocurrencies focused on two areas: monitoring the implications of their use for financial stability and the list of regulators in this area.
Representatives of the organization announced their intention to publish an update on the work of the standards development bodies and submit it to the June meeting of finance ministers and central bank governors of G20 countries.
“Members took note of the continued rapid evolution of crypto-asset markets and the need for continued monitoring of developments… the FSB is exploring financial stability, regulatory and governance implications of decentralised financial technologies,” a representative of the organization said.
According to Jong-ku, international cooperation is necessary to regulate cryptocurrency – each country needs to apply regulations in accordance with international standards prepared by the Financial Action Task Force on Money Laundering (FATF), which intends to submit them in the summer.
“It is important to consistently implement international standards agreed by international organizations on a country-by-country basis to minimize regulatory inconsistencies,” he said.
The G20 member states endorsed this opinion and reaffirmed their support for the FATF.