US President Joe Biden and G20 world leaders have called the need for international rules to govern the fast-growing bitcoin and crypto space "critical".
US President Joe Biden and G20 world leaders have called the need for international rules to govern the fast-growing bitcoin and crypto space "critical".
"It is critical to build public awareness of risks, to strengthen regulatory outcomes and to support a level playing field, while harnessing the benefits of innovation," the G20 leaders wrote in a statement posted to the White House website following the meeting this week in Bali, Indonesia.
The G20 leaders issued the following statements in relation to digital assets and cryptocurrencies:
- We welcome ongoing work by the FSB and international standard setters to ensure that the crypto-assets ecosystem, including so-called stablecoins, is closely monitored and subject to robust regulation, supervision, and oversight to mitigate potential risks to financial stability.
- We welcome the FSB’s proposed approach for establishing a comprehensive international framework for the regulation of crypto-asset activities based on the principle of ‘same activity, same risk, same regulation’.
- We welcome the FSB consultative report on the review of its high-level recommendations for the regulation, supervision and oversight of “global stablecoin” arrangements.
- We also welcome the FSB consultation report on promoting international consistency of regulatory and supervisory approaches to crypto-assets activities and markets.
- It is critical to build public awareness of risks, to strengthen regulatory outcomes and to support a level playing field, while harnessing the benefits of innovation.
The full G20 declaration can be read on the White House website here:
