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G20 finance ministers and central bank governors agreed on working toward improving the clarity of regulatory and supervisory frameworks and tools on digital assets, among other priorities for financial stability and improvement of payment systems. Their meeting was held Aug. 31-Sept. 1 in Asheville, North Carolina, under the United States G20 presidency.
In the Chair’s Statement, officials acknowledged the benefits of digital financial innovation, including digital assets, for inclusive growth. Members committed to supporting the development of responsible and balanced regulation that preserves financial stability and promotes growth and enables sound innovation, including by considering issues related to cross-border market opportunities and financial stability risks.
Regarding stablecoins, the G20 anticipated the Financial Stability Board’s forthcoming reports on the cross-border impacts of global stablecoin arrangements as well as stablecoin datat create a common licensing regime or equivalent stablecoin regulatory framework for the member jurisdictions
The approach also allows national authorities to pursue appropriate regulation while providing space for international authorities to engage with risks that fall within an international scope. Moreover, cross-border dimensions of stablecoin activity are especially relevant because, unlike fiat money, tokens can be moved across users and markets without relying on traditional cross-border banking networks.
Digital assets were highlighted in relation to the G20 Roadmap for Enhancing Cross-border Payments. Officials reiterated support for initiatives to extend operating hours of large-value payment systems, adopt the harmonized ISO 20022 data model, and promote cross-border transmission of financial-services data provided that those measures align with domestic laws and contractual, privacy and data-security requirements.
G20 members have begun implementing domestic cryptocurrency frameworks such as the GENIUS Act in the United States, which features a federal framework to govern payment stablecoins, and the Markets in Crypto-Assets framework in the European Union. Japan also maintains its own domestic reforms, though the G20 statement does not supersede Japan’s domestic reforms.
Combating financial crime is again an important issue. Officials reaffirmed their commitment to the FATF and encouraged jurisdictions with important virtual asset activity to implement the FATF standards.
The statement outlines risk-based supervision of matters relating to money laundering, terrorism financing and proliferation financing, fraud in relation to scam compounds, and criminal use of artificial intelligence.
The next G20 Finance Track meeting of finance ministers & central bank governors is slated to take place on October 15 in Bangkok, and the final U.S. G20 presidency event will be the 2026 G20 Leaders’ Summit in Miami on December 14 and 15. The statement continues global regulatory coordination without any agreement on a global crypto rulebook, mentioning stablecoins, payments, and illicit-finance controls.
Source: <a href="https://bitcoinfoundation.org/news/stablecoins/g20-backs-clearer-crypto-rules-as-stablecoins-and-cross-border-payments-take-center-stage/” target=”_blank” rel=”nofollow noopener”>bitcoinfoundation.org