• The G20 welcomed the high-level recommendations of the Financial Stability Board (FSB) on crypto asset activities and global stablecoin arrangements.
• FSB called for tougher rules on safeguarding crypto clients’ assets and avoiding conflicts of interest.
• India presented a presidency note on crypto during discussions that stretched late into Monday night.
G20 Nations Welcome FSB’s Tougher Crypto Rules
The Group of Twenty (G20) welcomed the high-level recommendations of the Financial Stability Board (FSB) on crypto asset activities and global stablecoin arrangements, said Nirmala Sitharaman, Finance Minister of India, which currently holds the G20 presidency, during a press conference on Tuesday.
FSBCall For Tougher Rules On Safeguarding Crypto Clients’ Assets
On Monday, international standard-setter FSB called for tougher rules on safeguarding crypto clients’ assets and avoiding conflicts of interest, after multiple allegations of bad behavior emerged during crypto’s recent turbulent year. The recommendations follow a consultation in which traditional finance companies pushed for stronger crypto controls, while the likes of Binance and Coinbase have warned that tougher rules could constrain innovation. Stablecoin regulation is a sticking point between the Group of Seven (G7) and the G20, CoinDesk has previously reported , but Sitharaman said the G20 welcomes the FSB’s recommendations for oversight over stablecoins.
India Presents Presidency Note On Crypto
The announcement was made after the third Finance Ministers and Central Bank Governors meeting held during India’s presidency in eastern India’s Gandhinagar, Gujarat over the past few days. India’s presidency note on crypto was also presented in discussions that stretched late into Monday night, said Sitharaman. It isn’t clear what the note said precisely but local reports have said