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G20 Members Discuss Crypto Regulation in Declaration on Sustainable Development

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The G20 discussed crypto regulation in its recent deposition on sustainable development assumed in Argentina.

The declaration was circulated on the official website of the Council of the European Union and the European Council.

At a gathering in Buenos Aires on November 30 and December 1, G20 executives expressed their issues about the crypto industry along with its agenda regarding the future of work and infrastructure for development.

The declaration called “Building consensus for fair and sustainable development” about cryptocurrencies as an significant part of an “open and resilient financial system” that “is crucial to support sustainable growth.”

While acknowledging the significance of the cryptocurrency industry for the world’s economy, the G20 stressed that it would launch anti-money laundering (AML) and anti-terrorist financing methods per Financial Action Task Force (FATF) standards.

G20 participants also expressed an encouraging stance on non-bank financial institutions, citing the possible advantages of technology in the financial sector provided that the tech disruptors are looking at associated risks:

“We look forward to continued progress on achieving resilient non-bank financial intermediation. We will step up efforts to ensure that the potential benefits of technology in the financial sector can be realized while risks are mitigated.”

G20 officials have initially expressed a “soft” stance on crypto, saying that they would continue a “hands-off approach” towards crypto regulation. In July, a summary of interim rulings made by the focused Finance Ministers & Central Bank Governors said that “technological innovations, including those underlying cryptoassets, can deliver significant benefits to the financial system and the broader economy.”

However, the document stated:

“Crypto-assets do, however, raise issues with respect to consumer and investor protection, market integrity, tax evasion, money laundering and terrorist financing.”

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