ICYMI: G20 body sets out recommendations for regulating crypto-assets and stablecoins
finalized its recommendations for regulating global cryptocurrency activities.
The international body that advises G20 nations on global finance made two sets of recommendations. The first set advised on appropriate regulation, supervision, and oversight ofRegulation of crypto-asset activities and markets, stressing data collection, monitoring issuer governance frameworks, and fostering cross-border regulatory cooperation.
The recommendations also emphasized the need for issuers to provide users with a strong legal claim for prompt redemption. If a stablecoin is tied to a single fiat currency, redemption should match that currency's value. To maintain value and avoid risks, authorities should ensure redemption rights, stabilization mechanisms, and adherence to prudential standards.
© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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