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 <h2 id="new-norms-and-recommendations">New Norms and Recommendations</h2> 
 <p><span style="font-weight: 400">This new momentum comes under the G20 Presidency of India. Besides advocating for increased global coordination, the summit has endorsed </span><span style="font-weight: 400">recommendations</span><span style="font-weight: 400"> from the Financial Stability Board (FSB) for regulating, supervising, and overseeing crypto-assets and global stablecoin arrangements. These recommendations aim to bring cryptocurrencies under a regulatory umbrella-like traditional banking.</span></p>  
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 </div> 
 <h2 id="crypto-asset-reporting-framework-carf">Crypto-Asset Reporting Framework (CARF)</h2> 
 <p><span style="font-weight: 400">Initially introduced by the Organization for Economic Cooperation and Development (OECD) in October 2022, the </span><span style="font-weight: 400">Crypto-Asset Reporting Framework (CARF)</span><span style="font-weight: 400"> will serve as a cornerstone of the new initiative. CARF aims to give tax authorities more visibility into cryptocurrency transactions and their beneficiaries.</span></p> 
 <p><span style="font-weight: 400">Under this framework, countries will automatically share information on crypto transactions. Hence, this move aims to cover even transactions occurring on unregulated crypto exchanges and wallet providers. Consequently, two-thirds of the world’s population residing in G20 countries will experience the implications of these </span><span style="font-weight: 400">regulatory changes</span><span style="font-weight: 400">.</span></p> 
 <h2 id="eu-leads-the-way-in-disclosure-standards">EU Leads the Way in Disclosure Standards</h2>  
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 <p><span style="font-weight: 400">Prior to this G20 consensus, the European Union had already paved the way by approving updated rules in May. These rules align with the CARF, facilitating automated information sharing between European governments. Significantly, each transfer of digital assets must now include details such as the name and account number of the beneficiary, as well as their distributed ledger address.</span></p>  
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 </div> 
 <p><span style="font-weight: 400">Moreover, Finance Ministers and Central Bank Governors will discuss further steps at their meeting in October 2023. The </span><span style="font-weight: 400">IMF and FSB</span><span style="font-weight: 400"> also work together to contour the regulatory framework for a globally coordinated approach to crypto assets.&nbsp;</span></p> 
 <p><span style="font-weight: 400">According to the New Delhi G20 Declaration, G20 countries will continue closely monitoring the fast-paced developments in the crypto ecosystem to identify and mitigate risks.</span></p> 
</div>  
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/g20-forges-ahead-with-global-crypto-framework-tbt62160.html">https://thebittimes.com/g20-forges-ahead-with-global-crypto-framework-tbt62160.html</a></p>

G20 Forges Ahead with Global Crypto Framework

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