The international financial services body has mentioned a crypto roadmap as one of its main priority areas, among other global trends in the industry.
The Financial Stability Board (FSB), a global financial services organization, recently wrote a letter to all the G20 financial ministers and central bank governors. The letter specifically mentioned a crypto roadmap as one of its priorities. The broad areas of importance included tokenization, artificial intelligence, and crypto assets.
As Brazil holds the current presidency of the G20, a meeting will take place in the country this week. Ahead of the meeting, the FSB’s letter creates an important plan for the G20 countries regarding crypto assets. Meanwhile, the FSB also confirmed publishing a status paper on a crypto roadmap. Moreover, it will also outline the impact of tokenization on financial stability through a new report.
The FSB’s letter said, “A key focus for us in 2024 and beyond is on the effective implementation of the FSB’s global regulatory and supervisory framework for crypto-asset activities and markets and for global stablecoin arrangements, which was endorsed by G20 Leaders at their New Delhi Summit.”
It referred to the G20 meeting in India when the group reached a consensus on a global crypto framework. Citing the policy paper of the FSB and the International Monetary Fund, the G20 called for a crypto framework as soon as possible. Earlier, the policy paper outlined several suggestions and risk mitigation measures in the crypto sector.
The FSB Chair, Klass Knot, who signed the letter, stressed about improving the stability of the global financial services landscape. Further, the letter attaches the FSB’s detailed schedule for the G20 in 2024. The FSB will also publish the study on tokenization in October, along with the crypto roadmap report.
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