European G20 Leaders Call For Urgent Regulation Of “Cryptocurrency Corporations And Exchanges”

European G20 leaders are calling for an urgent regulation to clamp down on crypto companies and exchanges amid a series of ongoing crypto crashes, most recently the crash of FTX.

On November 11, according to a press release, the European FSB leaders agreed that there is an urgent need for “An effective regulatory framework must ensure that crypto-asset activities are subject to comprehensive regulation, commensurate to the risks they pose, while harnessing potential benefits of the technology behind them”.

The statement did not directly refer to the demise of FTX, but came amid a near-collapse of the exchange. The FTX particular crash is having severe consequences for the assets of many retail investors as well as crypto funds and companies that have one of the largest market shares at the moment.

The group of European G20 members that make up the European FSB, as well as the leaders of the European Commission and the European Banking Authority, who attended the regular meeting in Lisbon, also expressed intent to strengthen regulation of digital assets.

FSB members further praised the central bank group’s October report on stablecoins and regulated digital currencies. The FSB’s crypto regulatory comments won’t be published until December 15, and the final report on regulatory proposals is expected in the summer of 2023.

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