Coordination of Regulation: LBank Echoes G20 Discussions - Chainwire

06Mar

Coordination of Regulation: LBank Echoes G20 Discussions

Road Town, BVI, 6th March, 2023, Chainwire

Global cryptocurrency exchange LBank has welcomed reports that a trifecta of financial organizations are considering a framework for digital asset regulation. LBank CMO Kaia Wong has released a statement applauding the action, claiming it will provide greater clarity and consumer protection.

The Financial Stability Board (FSB), the International Monetary Fund (IMF), and the Bank for International Settlements (BIS) outlined their vision for a global cryptocurrency regulation framework, the G20 announced on Feb 25.

The first G20 Finance Ministers and Central Bank Governors (FMCBG) assembled in Bengaluru, India. As this year’s president of the institute, India pushed for better understanding of the macro-financial implications of crypto assets and recommended formulating a coordinated global policy.

Key discussions included “financial stability and regulatory priorities, policy approaches for leveraging digital public infrastructure to advance financial inclusion and productivity gains for the G20 and beyond,” according to a press release by the Indian government.

LBank CMO Kaia Wong commented: “Consensus between nations is needed to create a well-coordinated global regulatory framework. This will allow industry participants to work on promoting innovation and financial inclusivity. Technology also requires a certain amount of breathing room to grow. Only with dialogue that is well balanced can we protect investor interest and stimulate development at the same time.”

A document summarizing the conference stated that the FSB would release recommendations on regulation and supervision concerning global stablecoins, crypto asset activities, and markets by July. A synthesis paper by the FSB and the IMF “integrating the macroeconomic and regulatory perspectives of crypto assets” will follow in September, said Indian Finance Minister Nirmala Sitharaman during a press conference.

Additionally, in September, the IMF will report on the “potential macro-financial implications of the widespread adoption” of central bank digital currencies (CBDCs). The BIS will also submit a document on analytical and conceptual issues and possible risk mitigation strategies related to crypto assets.

About LBank

LBank is one of the top crypto exchanges, established in 2015. It offers specialized financial derivatives, expert asset management services, and safe crypto trading to its users. The platform holds over 9 million users from more than 210 regions across the world. LBank is a cutting-edge growing platform that ensures the integrity of users’ funds and aims to contribute to the global adoption of cryptocurrencies.

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