March 20, 2018

G20 published an official statement on the year's first meeting of finance ministers and central bank governors in Buenos Aires. The statement highlights that G20 welcomes the finalization of Basel III and commits to implement the Financial Action Task Force (FATF) standards as they apply to cyrpto-assets.

The statement highlights that global financial system must remain open, resilient, and supportive of growth and grounded in agreed international standards. G20 remains committed to the full, timely, and consistent implementation and finalization of the Basel III reforms and their evaluation to help identify and address any material unintended consequences and ensure that the reforms accomplish their objectives. The Group looks forward to the FSB-led evaluation of the reforms, including their effects on the financing of infrastructure investment and on incentives for central clearing of over-the-counter derivatives. It will also continue to address the decline in correspondent banking relationships.

G20 also acknowledged that technological innovation, including that underlying crypto-assets, has the potential to improve the efficiency and inclusiveness of the financial system and the economy, more broadly. Crypto-assets do, however, raise issues with respect to consumer and investor protection, market integrity, tax evasion, money laundering, and terrorist financing. Crypto-assets lack the key attributes of sovereign currencies. They might also have financial stability implications in the future. The statement highlights that G20 is committed to implementing the FATF standards as they apply to crypto-assets, look forward to the FATF review of those standards, and call on the FATF to advance global implementation. Furthermore, G20 calls on international standard-setting bodies to continue their monitoring of crypto-assets and their risks, according to their mandates, and assess multilateral responses as needed.

 

Related Link: G20 Communiqué

Keywords: International, Banking, Basel III Finalization, Impact Assessment, Fintech, Regtech, Crypto Assets, G20

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