This consensus will enable the drawing up of a policy and complaint framework for virtual digital assets. Many countries have taken a lead in drawing up such a policy and attracting technology innovations within a regulatory framework. Apprehensions about cross border transactions and money laundering need a common understanding among countries to enable them to track, deduct and act upon such issues.
The best definition of virtual digital assets that has emerged across the globe is in the General notification 1350 of South Africa dated 19 October 2022 in the Staatskoerant, Financial Sector Conduct Authority under Financial advisory and intermediary services Act 2002. Do not miss the title of the Act. It is an advisory Act where ‘crypto assests’ are defined as digital representation of value that is not issued by a central bank but is capable of being traded, transferred or stored for payment, or investment by applying cryptographic techniques using a distributed ledger. Thus, this definition distinguishes clearly between all asset classes and is also distinct from that of the Central Bank Digital Currency (CBDC). It however, allows VDAs to be used as an instrument of assets for trading, transferring and storing as an investment and also for payments. Crypto is therefore, declared a ‘financial product’.
This clarity of definition can be the guiding factor for the G20 to initiate discussions and then move ahead for deliberations for a consensus.
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