The European Union wants to talk cryptocurrencies at the annual meetings of the International Monetary Fund (IMF) and the World Bank next week. There are increasing calls for a more coordinated global regulatory framework. Therefore, the meeting aims to exchange views with US 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 state that the regulator wants to “support national regulation of crypto assets.” It also shows that he is “in a good position to lead.” 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 an approach that recommends backing stablecoins with safe and liquid assets, along with additional requirements for “more risky assets and activities.”
As we reported as Kriptokoin.com, the FSB issued a statement this summer. This month, the FSB will report to the finance ministers and central bank officials of countries in the G20 on “high-level recommendations” regarding crypto and especially 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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