G20 Osaka Leaders Declaration: Keeping a close eye on the development of crypto assets and stay alert to existing and emerging risks

In the G20 Osaka Leaders' Declaration, Article 17 says that technological innovation can bring significant benefits to the financial system and the wider economy. While crypto assets are currently not a threat to global financial stability, we are closely watching developments and are wary of existing and emerging risks. We welcome the continued work of the Financial Stability Board (FSB) and other standards-setting bodies and invite them to make recommendations on other multilateral responses as needed. We reaffirm our commitment to apply the recently revised Financial Action Task Force Guidelines to virtual assets and related anti-money laundering and counter-terrorism financing providers. We welcome the adoption of the explanatory notes and guidance of the Financial Action Task Force (FATF). We also welcome the financial stability committee's work on the possible impact of distributed financial technology and how regulators engage with other stakeholders. We will continue to increase our efforts to enhance network resilience.