G20 Leaders: Crypto-assets can bring Significant Benefit to the Financial System

The G20 leaders agreed that crypto-assets can bring significant benefit to the financial system and the broader economy, according to the “G20 Osaka Leaders’ Declaration” released following the 2019 G20 summit in Osaka on 28 - 29 June.

The declaration highlighted that G20 leaders are closely monitoring the developments and remain cautious on the existing and emerging risks of crypto-assets. They are committed to applying the “recently amended FATF Standards to virtual assets and related providers for anti-money laundering and countering the financing of terrorism.”

G20 leaders also stated that they welcome any regulatory authorities to step in and engage with the process. As written in the declaration “We welcome the adoption of the Financial Action Task Force (FATF) Interpretive Note and Guidance. We also welcome the Financial Stability Board’s (FSB) work on the possible implications of decentralized financial technologies and how regulators can engage other stakeholders. We also continue to step up efforts to enhance cyber resilience.”

The view on crypto-asset from the G20 leader’s declaration shared the view with the Communiqué published by the Ministry of Finance, Japan following the G20 Finance Ministers and Central Bank Governors Meeting in Fukuoka on 8 – 9 June.

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