The flaws in the regulations of the crypto have led the disturbance in the whole global financial system. The developed countries, as well as the international institutions, have gathered to carve out the best possible solution for this scenario.
Recently an important meeting was conducted that was attended by 24 financial authorities and 11 international organizations that include the World Bank and IMF the objective of this meeting was to introduce appropriate regulations in the crypto sector.
Financial Stability Board (FSB) has made this initiative as it is an international body that provides guidance and recommendations about the global financial system.
As the crypto market is expanding and there is dire need of bringing regulations in this segment so, the main agenda was to discuss the two important points regarding the close monitoring of implications of financial stability and proper directions and guidelines of regulations of crypto-assets.
It was also planned in the meeting that a comprehensive report will be made on this issue and will submit in the next G-20 session for consideration. If this was ignored the whole financial system will shackle.
The South Korean financial regulator gave sound and rational opinion on this matter and affirmed that the international standards upon which countries and international organizations were agreed upon should be applied on the regulations of cryptocurrency, only by this way the loopholes in this sector can be reduced.
Financial Action Task Force (FATF) which is currently dealing with the money laundering scandals is also collaborating with G-20 to make efforts to bring regulations in the crypto-market. It is a good initiative for streamlining crypto-assets in different sectors with proper regulations.