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24 Countries, the IMF and World Bank Discuss The Global Standards Of Crypto Regulations

Twenty-four financial authorities and 11 international organizations, including the International Monetary Fund and the World Bank, recently gathered in New York and discussed global standards of crypto regulation. “It is important to consistently implement international standards,” said the chairman of South Korea’s top financial regulator who attended the meeting.

The Financial Stability Board (FSB) Plenary met at the Federal Reserve Bank of New York Friday to discuss “vulnerabilities in the global financial system” and the progress report is to be delivered to the upcoming G20 meetings in Japan. The FSB is an international body that monitors and makes recommendations about the global financial system. Its members include Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, South Korea, Mexico, Russia, Singapore, Spain, Switzerland, Turkey, the U.K., the U.S., the European Union, the Bank of International Settlements, the International Monetary Fund (IMF), and the World Bank.

Global standards of crypto regulation were one of the most important things to be discussed. FSB said,

“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 Board also noted that their work would be focussing on two major areas: monitoring of the financial stability implications and a directory of crypto asset regulators. They promised that they will publish an update on “the work of the standard-setting bodies and will deliver it to the June meeting of G20 Finance Ministers and Central Bank Governors.”

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.

The G20 has reaffirmed its support for the Financial Action Task Force as “the global anti-money laundering, counter terrorist financing, and proliferation financing standard-setting body,” as previously reported. The FATF is currently updating its recommendations for crypto regulation. Several countries, including India, are working with the organization on global standards for crypto assets.