It doesn't end with the G20 summit though, that's for sure. Outside the said summit, for sure governments are trying to come up with a solution of their own to combat money laundering and bitcoin being used in illegal trades while keeping the regulations neat as possible (though some have plans to just outright ban the crypto, boo) seeing that there isn't a huge negative effect on a country's economy if they're going to regulate and acknowledge the use of crypto.
By acknowledgement, do you mean to say that they will make users more aware of the crypto world by making it mainstream and that there might be no centralization? I believe that once these Governments start undertaking the process of ^acknowledging^ everyone about crypto, they'll begin their complete involvement into everything related to the crypto space, and then there will be like no privacy left due to people being bound to make their income disclosures from crypto - that's actually good. But, if all this comes into action, don't you think that they'll have full control and that, we'll be under the fear of getting crypto ended any day due to them having all the powers in their hands?
4 Impose taxes - they will surely make some slabs for this special category they call as crypto asset, so not to lose their piece of the cake.
if a country starts to consider taxing crypto assets, this would be the start of regulating and legalizing it since the government now benefits from any trades/purchases made with the said assets. It's also a step towards public acknowledgment as well, seeing that their government are doing something with these cryptographic innovations that can act as money.
I believe they should announce a subject over cryptocurrencies to make even the smallest students understand about Bitcoins and the crypto economics during their growing ages, so not to take any wrong decisions or abuse the power that's been given in their hands. Taxes is something which is one of the major reasons why they're worried, but if we honestly show everything in our statements and show our loyalty by paying correct taxes, they shouldn't have a problem considering crypto assets to be legal as well.