G20 to develop international rules for regulating cryptocurrencies

According to the Financial Stability Board (FSB), which includes finance ministers and central bank governors of the Group of Twenty (G20) countries, global rules on cryptocurrencies will be published in October this year.

Given the recent turmoil in the cryptocurrency market, which the FSB believes poses a risk to global financial stability, the G20 countries will issue recommendations on how to manage stablecoins. «The FSB will report to G20 finance ministers and central bankers in October on regulatory and supervisory approaches to stablecoins and other crypto assets,» the Financial Stability Board said.

It is worth noting that such rules will not have legislative authority, however, according to the FSB, the G20 member states will be able to commit to implementing and complying with such rules in their countries. We would like to remind you which states (19 countries and the EU) are part of the G20 and which countries' residents should expect the adoption of new cryptocurrency laws:

Australia
Argentina
Brazil
United Kingdom
India
Indonesia
Italy
Canada
China
South Korea
Mexico
Germany
SOUTH AFRICA
russia
Saudi Arabia
USA
Turkey
France
Japan
European Union: the European Parliament recently passed two new laws on cryptocurrency regulation: The Digital Services Act (DSA) and the Digital Markets Act (DMA). According to representatives of the European Parliament, cryptocurrency platforms face fines of up to 10% of their total annual turnover and up to 20% in case of repeated violations.