Cryptocurrency & Blockchain Business

G20 eyeing tradeoff in international regulation of crypto-assets markets

MOSCOW, May 29. /TASS/. The Group of Twenty is looking for a tradeoff decision in international regulation of the crypto-assets market, Russia’s Deputy Finance Minister Sergei Storchak told TASS in an interview.

“The G20 is currently looking for a tradeoff in solving the matter of crypto-assets market regulation. Consensus has already been reached in understanding that this is not a currency. This commodity is not a legal tender. We regard crypto-currency as an asset and this is a dominating trend at the global level,” the official said.

Also read: UK: Cryptoassets Taskforce to evaluate the need for cryptocurrency regulation

The dispute on the financial G20 floor is whether national laws for regulation of this market should be approved at first in each of G20 members or multilateral agreements should be worked out on the procedure of crypto-assets market regulation on the basis of the historical experience of G20, Storchak noted.

“Consensus has not yet been found on this matter. It should be found before this market reaches the global scale. It is nevertheless local now, although it is a cross-border one,” he added.

The Russian Finance Ministry is currently drafting the law regulating crypto-assets, Storchak said.

Also read: Countries of Eurasian Economic Union propose common cryptocurrency regulations.

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