The G20 agreed to regulate cryptocurrency. What will it be?

The G20 in Buenos Aires signed a joint Declaration. According to the document, the parties to the agreement will regulate cryptocurrency and oppose their use for money laundering and financing of terrorism in accordance with the standards of the Group of development of financial measures of struggle against money-laundering of FATF. At the same time, States will also continue to monitor the global economy with its rapid slope development in the digital field.

Section 25 of the signed Declaration reads as follows.

We manage scriptactive in order to combat money laundering and the financing of terrorism in accordance with FATF standards, and will need to develop other responses.

In July, the forum of the “Big twenty” for the first time issued a communiqué according to which new standards and measures for combating money laundering in the cryptocurrency sector should be presented in October. Then it was stated that the participating countries of the G20 will continue to monitor cryptocurrency, although de jure this sector is not recognized as a financial.

Source: elpais.com

As writes the CCN, the forum requested its regulator — the financial stability Board FSB, led by mark Carney is to develop a set of tools to monitor cryptostore. Recall that Carney was known as a supporter of strict regulation of the cryptocurrency. The Council together with the Committee on payments and market infrastructures has introduced a set of metrics that will be used to monitor and ensure the efficiency of markets.

The purpose of these tools is the early detection of any emerging issues in relation to financial stability. For example, the set includes a metric to assess the risk of data leakage, which allows to analyze information from open sources.

The FATF was established by the Organization for economic cooperation and development OECD as an auxiliary unit to combat money laundering and terrorist financing. At the beginning of this year, the organization began to discuss ways of implementing compulsory rules for the regulation of cryptocurrency exchanges around the world. In addition, it was decided to adapt the existing rules under the new market realities. More data look at cryptodata.

Subscribe to our channel in the Telegram. And do not believe politicians.

0 Comments on “The G20 agreed to regulate cryptocurrency. What will it be?”

Leave a Reply

Your email address will not be published. Required fields are marked *