Global regulators are set to release a series of recommendations and papers in July and September, aimed at creating a comprehensive global regulatory framework for cryptocurrencies. The Financial Stability Board (FSB), the International Monetary Fund (IMF), and the Bank for International Settlements (BIS) will be spearheading this effort.
The FSB will release recommendations on the regulation and supervision of global stablecoins, crypto assets activities and markets by July. In September, the FSB and IMF will submit a synthesis paper that integrates the macroeconomic and regulatory perspectives of crypto assets. Additionally, the IMF will report on the potential macro-financial implications of the widespread adoption of central bank digital currencies (CBDCs).
The BIS will also submit a report on analytical and conceptual issues related to crypto assets. A G20 financial task force will also examine the use of crypto assets to fund terrorist activities. The announcement was made after two days of official meetings in India, with the US Treasury Secretary and IMF Managing Director expressing the need for a strong regulatory framework for crypto activities.