Group of 20 Wants All Countries to Follow Global Crypto Rules
The Financial Stability Board (FSB) of the leaders of the Group of 20 countries has drafted new global regulations for crypto exchanges. The rules include measures to lower risk and prevent conflicts of interest, among other things. G20 Says Crypto Companies Can No Longer Hide FSB Secretary General John Schindler said all countries should adopt the crypto recommendations even if they are not Group of 20 members. The rules would not have applied to FTX because the Bahamas is not part of the FSB. He added that the rules provide clarity exchanges need, and companies can no longer claim ignorance. The Basel Banking Committee and International Organizations of Securities Commissions will develop more granular rules. IOSCO proposed a global approach to crypto regulation in May. The FSB published a draft of its new recommendations in July 2022, which leaders of the Group of Seven countries (G7) pledged to put into action. They also support global Financial Action Task Force recommendations to lower money laundering risk in crypto. The recommendations will be put into place in 2025. Leaders of the Group of Seven economies pledged to implement the rules in May. New Bill Addresses EU Board Members Recommendations Earlier this year, EU supervisory board member Elizabeth McCaul said that any