(BlockBar) On June 9, a joint appeal was made to the Financial Stability Board (FSB) and global regulators. The G20 finance minister and central bank governor require tracking the risks associated with crypto trading. It was proposed in a joint statement issued on the website of the Ministry of Finance of Japan. The communiqué was announced after the G20 meeting in Fukuoka, Japan.
As stated by these treasurers, FSBs and standards-setting bodies shall monitor risks and consider other multilateral responses as needed.”
The joint statement also indicated, technical innovations, including those potentially crypto assets, can bring huge benefits to the financial system and the bigger economy. This definitive judgment is also included in the document issued after the G20 summit in July. However, after expressing the positive side, they’re also worry about the threats and risks which crypto assets bring.
According to the joint statement, “Although crypto assets do not pose a threat to global financial stability at this time, the potential risks can’t be neglected, such as risks associated with consumer and investor protection, anti-money laundering (AML) and counter-terrorism financing (CFT)”
The latest document further adds that the group hopes to adopt a Financial Action Task Force (FATF) counsel on crypto assets. It will also consider the revised standards of the FATF for crypto. Financial leaders also embrace the International Securities Commission and the FSB to deal with crypto issues. As Cointelegraph reported yesterday, Chainalysis, a blockchain analysis company that works directly with global regulators, points out that it would be surprising if the parties reached an agreement on new things during the G20 summit this year.
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