• Thu, 20 Jun 2019, 01:06 AM
  • All times are UTC
  • Edition:
    International
Copy link
Increase text size
Decrease text size
Link copied

G20 leaders to agree on crypto AML/CFT regulations in June: Report

Mon, 08 Apr 2019, 05:29 am UTC

G20 member countries are going to discuss international cryptocurrency Anti-Money Laundering (AML) and Countering Financing of Terrorism (CFT) regulation at the Finance Minister and Central Bank Governors meeting on June 8 and 9 in Fukuoka, Japan, Cointelegraph reported referring to a report from Kyodo.

The finance ministers and central bank governors of the member countries are expected to reach an agreement on the new regulations at the meeting.

According to the Japanese news outlet, the key focus of the new regulations would be ensuring transparent flow of assets and is expected to put in place a “stricter identification of individuals at the time of transactions.”

One of the priority areas for G20 finance track in 2019 is the response to structural changes caused by innovation and globalization, which will focus on the opportunities and challenges brought about by financial innovation, among other things.

“In the financial sector as well, the waves of innovation are surging and the world is keeping a close watch on future developments, lending great significance to Fukuoka’s hosting of the Finance Ministers and Central Bank Governors Meeting. My fellow citizens and I are determined to make this meeting a success,” said Soichiro Takashima, Mayor of Fukuoka, said.

In December 2019, the G20 Leaders’ Summit ended with a joint declaration on “Building consensus for fair and sustainable development.” The leaders stated:

“We will regulate crypto-assets for anti-money laundering and countering the financing of terrorism in line with FATF standards and we will consider other responses as needed.”

The countries had also agreed to work together to seek a consensus-based solution to address the impacts of the digitalization of the economy on the international tax system. They plan to provide an update in this year and a final report by 2020.

Previously in July, the Financial Stability Board (FSB), an international body monitoring the global financial system, published a framework to monitor the implications of crypto-assets on financial stability.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $9,280.71 (+1.70%)
  • Ethereum (ETH) $269.15 (+1.19%)
  • XRP (XRP) $0.435400 (+1.54%)
  • Litecoin (LTC) $136.61 (+1.39%)
  • Bitcoin Cash (BCH) $416.71 (+0.61%)
  • Bitcoin (BTC) $9,280.71 (+1.70%)
Jun 19, 2019 (Wednesday)
12:31
Block.one pays $30M for domain name of upcoming blockchain-based social media platform “Voice”
10:56
R3, ripe.io team up to enhance transparency and trust for food and agricultural supply chain using blockchain
09:42
Crypto Technicals: XMR/USD pares previous sessions' losses, close above $100 mark to propel further gains
09:32
Georgian government and universities team up with IOHK to explore blockchain potential
08:33
Crypto Technicals: ETH/EUR retraces with 'Hammer' formation, breakout at 50H SMA (240) to see further upside
07:32
Euroclear develops blockchain solution for commercial paper with Banco Santander, EY and European Investment Bank
07:15
Litecoin Foundation, Bibox, Ternio to unveil physical cryptocurrency debit card 'Litecoin Blockcard'
06:47
Crypto Technicals: BTC/USD fails to close below $9000 mark, consolidates above 5-DMA ahead of next bullish leg
06:43
Facebook Libra Project runs into political opposition in Europe, U.S.
06:28
Power Ledger announces blockchain-based P2P energy trading project in Austria
04:37
Crypto trading platform Bittrex International expands to Liechtenstein
04:16
Coin Metrics, Social Market Analytics team up to provide crypto Twitter sentiment data
03:15
Accenture to ink blockchain traveler ID deal with Canada, Netherlands, others: Report
03:10
Hyperledger welcomes Microsoft, Salesforce, Ethereum Foundation among roster of new members
03:08
Japan reports 170% spike in crypto-related consumer inquiries in 2018
Jun 18, 2019 (Tuesday)
13:16
Facebook officially unveils much-awaited cryptocurrency ‘Libra', sets eyes on H1 2020 for launch
11:23
Samsung SDS proposes ‘3C’ solutions to address blockchain adoption concerns
10:05
Zilliqa teams up with Xfers to bring blockchain benefits to Southeast Asian businesses
09:17
Coinone Transfer, SBI Ripple Asia team up to facilitate blockchain-based remittance in South Korea
06:36
BitTorrent creator Bram Cohen becomes CEO of Chia Network as Ryan Singer steps down
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft