Saudi Central Bank Calls on IMF for Enhanced Crypto Supervision

Speaking at a session during the G20 Finance Ministers and Central Bank Governors (FMCBG) meeting held in Morocco, Alsayari emphasized the importance of "good supervision" over digital assets to mitigate the associated risks.

Key Points:<ul><li>Ayman Alsayari, Governor of the Saudi Central Bank (SAMA), expressed concerns about the dangers posed by cryptocurrencies and their intermediaries.</li><li>His remarks were made during a session at the G20 Finance Ministers and Central Bank Governors (FMCBG) meeting in Morocco.</li><li>Alsayari called on the International Monetary Fund (IMF) to provide effective supervision of crypto activities.</li><li>He emphasized the need for regulation, coordination, and supervision of cryptocurrency activities to address associated risks.</li><li>Alsayari expressed support for the IMF's work and the Financial Stability Board's (FSB) roadmap aimed at managing cryptocurrency-related risks.</li></ul>
 IMF's Crypto Roadmap:<ul><li>In September, the IMF and global financial regulators jointly set forth a roadmap to coordinate actions aimed at preventing cryptocurrencies from undermining financial stability.</li><li>The roadmap suggested the licensing of crypto service providers and urged countries to implement the anti-money laundering and counter-terrorist financing (AML/CFT) standards outlined by the Financial Action Task Force (FATF).</li><li>The joint paper highlighted the necessity of a comprehensive policy and regulatory response to address the risks posed by crypto-assets to macroeconomic and financial stability.</li></ul>
 Global Economic Concerns:<ul><li>Governor Alsayari also commented on the global economy, noting that it is facing a significant downturn due to rising inflation rates.</li><li>To combat inflation, central banks worldwide have adopted tight monetary policies, resulting in a projected global growth rate of around three percent for the current year and the next.</li></ul>
 G20 Roadmap for Crypto Regulation:<ul><li>The G20 FMCBG meeting in Marrakech, Morocco, unveiled a detailed roadmap aimed at regulating crypto assets and reforming multilateral development banks (MDBs).</li><li>This roadmap is designed to facilitate the development of global policies and regulations for cryptocurrencies while taking into consideration their impact on Emerging Markets and Developing Economies (EMDEs).</li><li>Rather than advocating an outright ban on digital assets, the Financial Stability Board (FSB) recommended implementing comprehensive regulations.</li><li>The G20 communique emphasized the importance of this action-oriented roadmap in achieving common goals related to macroeconomic and financial stability.</li></ul>

This latest development underscores the growing recognition of the need for effective oversight and regulation of the cryptocurrency space at the international level, as authorities seek to address the challenges posed by this rapidly evolving digital asset class.

Public Relations @ MaskEX Global

Ayman Shaat

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