G20 finance ministers and central bank governors have endorsed a roadmap to address the challenges and opportunities presented by cryptocurrency assets.
The roadmap was introduced in the form of a document prepared jointly with the International Monetary Fund (IMF) and the Financial Stability Board (FSB), Cointelegraph reported.
"We call for swift and coordinated implementation of the G20 Roadmap, including implementation of policy frameworks; outreach beyond G20 jurisdictions; global coordination, cooperation, and information sharing; and addressing data gaps," the G20 Communique said.
The document, drafted by the IMF-FSB, calls for oversight and regulation of cryptocurrencies rather than banning them outright. It includes recommendations for cross-border cooperation and information sharing among regulators, requirements for comprehensive governance and risk management mechanisms for cryptocurrency companies, and guarantees of access to relevant data provided by companies to authorities.
According to the document, the first report on the implementation of the proposed measures should be submitted by the end of 2025.
The adoption of the roadmap is a logical continuation of the agreement reached at the G20 Summit in New Delhi, where leaders endorsed a summary document as a basis for further study of cryptoassets.
Also at the New Delhi Summit, G20 members called for the early implementation of a cryptoassets reporting regime to increase transparency by tax authorities about crypto transactions and their participants.
At the same time, the G20 recognized that cryptoassets pose risks related to consumer and investor protection, market integrity, tax evasion, money laundering, terrorist financing, and financial stability.
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