G20 Joint Statement Calls for Continued Monitoring of Digital Asset Risks

 

 

 

 

The G20 issued a joint communiqué on June 9, after concluding its latest meeting in Fukuoka, Japan, in which it called on the Financial Stability Board (FSB) and international standard-setting bodies to continue to monitor risks related to cryptocurrency.

Despite some suggestions that an agreement on global registration for cryptocurrency exchanges might be reached at the gathering, the statement simply noted that the G20 welcomes the FSB’s directory of regulators and the report outlining its current efforts to address cryptocurrency risks. A plan for exchange registration has already been adopted in Japan, the meeting’s host nation, and Japanese representatives were expected to push the idea during the summit.

The communiqué expressed members’ belief that blockchain technology continues to offer potential benefits for the world’s economy, and noted that the G20 does not yet see digital assets as a threat to stability, but suggested that vigilance remains a priority:

“Technological innovations, including those underlying crypto-assets, can deliver significant benefits to the financial system and the broader economy. While crypto-assets do not pose a threat to global financial stability at this point, we remain vigilant to risks, including those related to consumer and investor protection, anti-money laundering (AML) and countering the financing of terrorism (CFT). We reaffirm our commitment to applying the recently amended FATF Standards to virtual assets and related providers for AML and CFT.”

Author: Ken Chase

Freelance writer whose interests include topics ranging from technology and finance to politics, fitness, and all things canine. Aspiring polymath, semi-professional skeptic, and passionate advocate for the judicious use of the Oxford comma.

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