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G20 Endorses Stricter Regulations for Crypto Asset Activities and Global Stablecoin Arrangements

India's Finance Minister and current G20 president, Nirmala Sitharaman, announced that the G20 has given its approval to the Financial Stability Board's (FSB) recommendations on crypto asset activities and global stablecoin arrangements. The FSB's recommendations come in response to calls from the crypto community for stronger controls, and focus on governance, risk management, and clear disclosures to protect customer funds.

A joint synthesis paper from the FSB and IMF on the global macro implications of crypto will be presented to the G20 in September, marking the final stance of the G20 on crypto during India's presidency. The G20's endorsement reflects a globally coordinated move towards stronger crypto asset regulation.

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