The European Union wants to talk cryptocurrencies at the annual meetings of the International Monetary Fund (IMF) and the World Bank next week. As calls for a more coordinated global regulatory framework increase, the EU aims to exchange views with U.S. officials on the development of crypto legislation. Here are the details…
EU and US will talk cryptocurrencies
Mairead McGuinness, EU Commissioner for financial services, issued a press release Tuesday. She stated that next week is a busy agenda for the USA. She said that at the bottom of the list, one of the “can’t” items is cryptocurrencies. “I’m sure they want to hear what we did, how it went, what the problems were. I would be very happy to share our experience and also hear what the US is planning to do,” she added. McGuinness said he believes the US and the EU will come up with a joint approach to the regulation of cryptocurrencies. McGuinness stated that they could be a pioneer in this approach.
IMF calls for global effort
Meanwhile, last week, the IMF issued a call for cryptocurrencies. Two new reports from the International Monetary Fund (IMF) on regulating stablecoins and crypto assets have emerged. He called on the Financial Stability Board (FSB) to identify and lead global efforts on crypto regulation. The reports indicate that the regulator is “in a good position to support and lead the national regulation of crypto assets.” He also states that regulation of crypto-assets guides its national implementation.
Some of the measures in the reports include the development of common global categories to inform cross-industry standards and guide data collection. They are also promoting a risk-based approach that recommends backing stablecoins with safe and liquid assets, along with additional requirements for “more risky assets and activities.”
cryptocoin.com As we have reported, the FSB issued a statement this summer. In October, the FSB will report to G20 finance ministers and central bank officials on “high-level recommendations” regarding crypto and particularly stablecoins. The IMF also mentioned its close collaboration with the FSB in the past in a blog post from December 2021 to develop regulatory frameworks for cryptoassets.
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