G20 pledges clearer digital asset rules and innovation

G20 leaders commit to clear digital asset regulations, fostering innovation and economic growth. They also aim to improve cross-border payments and await FSB insights on stablecoins.

G20 finance ministers and central bank governors have acknowledged the growing importance of digital assets and financial innovation in driving economic growth. They have committed to developing responsible and effective regulatory and supervisory frameworks that safeguard financial stability while fostering innovation in the digital asset sector. The G20 reaffirmed its dedication to enhancing cross-border payments by advocating for longer operating hours for payment systems, wider adoption of ISO 20022 standards, and streamlined procedures for transferring financial services data. These measures aim to make global transactions more efficient and accessible. Additionally, the group is awaiting the Financial Stability Board's findings on the cross-border implications and data challenges posed by global stablecoin arrangements. Several G20 members, such as the U.S., EU, and Japan, have already introduced regulatory frameworks for digital assets or stablecoins. The statements emphasize the importance of private sector involvement, financial inclusion, and reducing transaction costs, signaling a progressive approach to integrating digital assets into the global financial system.