As US authorities step up efforts to shape cryptocurrency regulations, Ministry of Finance of the country presented to the President Joe Biden a framework to facilitate international cooperation for the introduction of these rules and standards at international level. This is undoubtedly a major development, which opens the way for international regulation of the sector.
These Terms of Reference have been prepared in collaboration with the “Secretary of State, the Secretary of Commerce, the Administrator ofUnited States Agency for International Development (US Agency for International Development, USAID) and heads of other relevant agencies,” the department said in a statement.
The Ministry of Finance developed its proposal in response to the presidential decree of March 9 on the responsible development of digital assets, which defines an inter-institutional approach to manage the risks associated with the use of crypto-assets, but also to exploit their benefits. .
The executive order identifies the international engagement as a means to “adapt, update and strengthen the adoption of global principles and standards for how digital assets are used and traded,” according to the announcement.
With this in mind, the US will continue to engage with the G7 – which also includes Canada, France, Germany, Italy, Japan, the UK and the EU as an “unofficial member” – on various issues related to digital payments. These should “include the roles of the public and private sectors in the creation and circulation of money, considerations related to CBDCs (central bank digital currencies) and the implications of new technologies on the international monetary system.”
Global regulations and standards for cryptocurrencies should also be developed through a broader international group, the G20, which includes major developing economies.
Washington’s engagement through Financial Stability Board (Financial Stability BoardFSB) will be used as a forum to work to monitor, identify and promote a common understanding of financial stability risks arising from digital assets, but also to consider policy responses to identified risks and promote US priority techniques for cross-border payments.
Around International Monetary Fund (IMF), the United States will support the organization “in expanding its analysis and monitoring work to include digital assets when they are macro-critical and consistent with its stability-promoting mandate. economic and financial.
According to Washington Financial Action Task Force (FATF) should continue to support countries in implementing the FATF standards on virtual assets and virtual asset providers (VASPs). At the same time is Financial Intelligence Unit Egmont Group (Financial Intelligence Unit, FIU) will prove useful in developing best practices for financial intelligence sharing and supporting international efforts to combat money laundering and terrorist financing related to crypto-assets.
“What is outlined in the framework aims to ensure that, with respect to the development of digital assets, America’s core democratic values are upheld; consumers, investors and businesses are protected; appropriate system connections to the global financial system and interoperability of platforms and architectures are preserved and the safety and soundness of the global financial system and the international monetary system are maintained,” the document reads.
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