Implementations should IMO validate currencies if they can. In other words, for any currency system for which they have the ability to do validation.
I assume that this will only include ISO4217 defined currencies initially but since there are browsers inventing their own currencies [1] I expect that won't be the case for long :)
[1] https://www.americanbanker.com/news/web-pioneer-plans-blockchain-based-digital-ad-platform
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