G20 Meeting of Financial Chiefs Takes A Step Forward Towards Crypto Regulations
The need for regulation is being felt across the crypto spectrum after the series of collapses and bankruptcies since May 2022. The G20 Finance Ministers and Central Bank Governors (FMCBG) Meeting on February 24-25 in Bengaluru, India, concluded with a strong commitment to regulations for the cryptocurrency sector.
The International Monetary Fund (IMF), Bank for International Settlements (BIS), and Financial Stability Board (FSB) have been tasked to come up with recommendations and a roadmap for regulating the cryptocurrency sector. Besides the finance ministers and central bank governors, the event was attended by Kristalina Georgieva, Managing Director, IMF, Agustin Carstens, General Manager, BIS, and representatives of the Financial Stability Board (FSB). Klaas Knot, Chairman of FSB, sent a letter to the G20 meeting in which he mentioned that the FSB was preparing recommendations for regulating cryptocurrency and decentralized finance.
Source
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