The G20 Leaders Summit on Saturday endorsed recommendations to regulate crypto assets and the a roadmap to review Capital Adequacy Framework for MDBs (Multilateral Development Banks). The summit also called for early debt resolution for Sri Lanka.

G20 New Delhi Leaders’ Declaration reiterated close monitoring of risks of the fast-paced developments in the crypto asset ecosystem. “We endorse the Financial Stability Board’s (FSB’s) high-level recommendations for the regulation, supervision and oversight of crypto assets activities and markets and of global stablecoin arrangements. We ask the FSB and SSBs (Standard Setting Bodies) to promote the effective and timely implementation of these recommendations in a consistent manner globally to avoid regulatory arbitrage. We welcome the shared FSB and SSBs work plan for crypto assets,” stated the declaration.

In July, the FSB issued a 9-point list of recommendations for crypto asset regulation. It emphasised the need for robust governance frameworks, defining responsibilities and accountability for issuers and service providers. These norms adhere to the principle of ‘same activity, same risk, same regulation,’ ensuring consistent and comprehensive oversight of crypto asset operations, including stablecoins, in proportion to their associated risks.

Welcoming the IMF-FSB Synthesis Paper, including a Roadmap, the Declaration said that it will support a coordinated and comprehensive policy and regulatory framework considering the full range of risks and risks specific to the emerging market and developing economies (EMDEs) and ongoing global implementation of FATF standards to address money laundering and terrorism financing risks.

Finance Minister Nirmala Sitharaman said: “Next Finance Ministers and Central Bank Governors meeting will discuss the roadmap at their meeting next month in Marrakech, Morocco.”


Talking about MDBs, the Declaration noted that initial Capital Adequacy Framework measures, including those under implementation and consideration, could potentially yield additional lending headroom of approximately $200 billion over the next decade. Leaders took note of expert group’s recommendation on reforming MDBs, the Declaration said MDBs may choose to discuss these recommendations as relevant and appropriate, within their governance frameworks, in due course, with a view to enhancing their notifications.

Debt Vulnerability

The Declaration re-emphasisd the importance of addressing debt vulnerabilities in low and middle[1]income countries in an effective, comprehensive, and systematic manner. Appreciating the efforts on debt resolutions for Zambia, Ghana, Ethiopia and Sri Lanka, the document stressed the need for early pacts.


  • New Delhi Declaration: Takeaways on Economic Issues
  • Continue to integrate the perspectives of the developing countries into the G20 agendas
  • Remained committed to continue to integrate the perspectives of the developing countries into the G20 agendas
  • Promoting responsible AI for achieving Sustainable Development Goals
  •  Welcome the non-binding G20 High-level Principles to support businesses in building safety, security, resilience, and trust in the digital economy.
  • Take note of the Indian Presidency’s proposal of voluntary initiative aimed to build capacity, and provide technical assistance and adequate funding support for implementing DPI in LMICs.