President Biden and Other G20 Leaders Call for New International Crypto Regulatory Regime

US President Joe Biden and other heads of states from the Group of 20 (G20) are calling for international regulations on cryptocurrencies.

According to a G20 statement issued by the White House, the leaders of the 20 largest economies in the world agreed at a recent summit in Indonesia there is a need to advance regulations in the crypto space.

“It is critical to build public awareness of risks, to strengthen regulatory outcomes and to support a level playing field, while harnessing the benefits of innovation.”

The group is throwing its support behind the efforts of the Financial Stability Board (FSB), which has recommended a framework for the international regulation of crypto, saying that digital assets and intermediaries that perform the same function as their traditional finance counterparts should be subject to equivalent regulation.

“We welcome ongoing work by the FSB and international standard setters to ensure that the crypto-assets ecosystem, including so-called stablecoins, is closely monitored and subject to robust regulation, supervision, and oversight to mitigate potential risks to financial stability. We welcome the FSB’s proposed approach for establishing a comprehensive international framework for the regulation of crypto-asset activities based on the principle of ‘same activity, same risk, same regulation.’ We welcome the FSB consultative report on the review of its high-level recommendations for the regulation, supervision and oversight of ‘global stablecoin’ arrangements. We also welcome the FSB consultation report on promoting international consistency of regulatory and supervisory approaches to crypto-assets activities and markets.”

According to the statement, the group also supports the guidance issued in July by the Bank for International Settlement’s Committee on Payments and Market Infrastructure (BIS COPMI) and the Committee and International Organization of Securities Commissions (IOSCO). The two groups said the Principles for Financial Market Infrastructures, which is an existing international standard for financial markets, apply to stablecoin transactions.

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