In preparation for the 2023 G20 New Delhi summit, the Financial Stability Board (FSB) and the International Monetary Fund (IMF) are planning to deliver a paper calling for the implementation of a global crypto roadmap. 

The news comes via Klaas Knot, Chair of FSB - an international body founded after London’s 2009 G20 summit for monitoring and making recommendations regarding the global financial system.

On the other hand, the US-based IMF is a major financial agency of the United Nations that seeks to achieve sustainable growth and prosperity for all of its 190 member countries. 

The in-question global crypto policy roadmap is said to include talking points surrounding global crypto cooperation, coordination, and information sharing. The call for action was requested by India - the current president of the G20 - with the rationale being that the report will serve as ‘a comprehensive policy response’ against the crypto woes of today. 

Quite likely, 2022’s TerraClassicUSD (USTC) crash and FTX collapse will be of reference here, as well as the plethora of ‘more trivial’ hacks, scams, and exploits that exist across the Wild West like crypto landscape. 

Poignantly, these matters are of importance to global standard setters as they’re at risk of emitting negative externalities into mainstream finance, especially within the regions of ‘monetary sovereignty, capital flow volatility, and fiscal policy,’ according to Knot.

The paper- which comes in wake of the FSB calling for tighter global crypto restraints back in July- is accompanied by other standard-setting approaches from global authorities (or ‘globally influential’ authorities if we’re talking about US entities). 

For example, the European Union (EU) put together the ‘Markets in Crypto Assets’ (MiCA) regulation earlier this year, which includes several ‘Level 2’ and ‘Level 3’ measures that may come to fruition in the next year or so. 

And of course, it would be rude to forget about the relentless onslaught(s) from the US Securities and Exchange Commission (SEC) regarding crypto coins and their stature as unregistered securities. 

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This article is intended for educational purposes and is not financial advice