• Fri, 26 Apr 2019, 05:56 AM
  • All times are UTC
  • Edition:
    International
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. >

The commenting service is available only after having logged in.
More
  • Bitcoin (BTC) $5,327.27 (-2.33%)
  • Ethereum (ETH) $156.57 (-4.67%)
  • XRP (XRP) $0.293500 (-2.24%)
  • Bitcoin Cash (BCH) $270.31 (-3.22%)
  • Litecoin (LTC) $72.84 (-0.40%)
  • Bitcoin (BTC) $5,327.27 (-2.33%)
Apr 26, 2019 (Friday)
05:16
Marsh to rollout proof of insurance blockchain platform
04:22
Wirex partners with Stellar network, announces plan to launch 26 stablecoins
03:50
FINRA establishes new office focused on fintech innovation
Apr 25, 2019 (Thursday)
11:44
Sumitomo Mitsui Banking Corporation to launch services on Marco Polo blockchain
10:56
Brave rolls out new opt-in feature to reward users with BAT tokens for viewing ads
10:06
China’s FX reserve regulator to pilot blockchain-based cross-border trade finance platform
09:01
NTT’s Thai subsidiary to open innovation lab with focus on Blockchain, AI, IoT
07:07
US SEC’s FinTech Forum to discuss DLT innovations and use cases for financial markets
06:11
Crypto wallet startup Ledger secures investment from Samsung amid leadership changes
05:15
MUFG-backed Chainalysis adds support for 4 more cryptos to real-time transaction monitoring tool
04:13
Siam Commercial Bank, PTTEP complete cross-border transactions using Ripple’s technology
03:32
Samsung working on Ethereum-based blockchain, could issue own token: Report
Apr 24, 2019 (Wednesday)
11:33
Bitfury, Final Frontier launch regulated bitcoin mining fund
10:46
Liverpool FC to partner with TRON
10:02
Samsung SDS launches next version of enterprise blockchain platform ‘Nexledger’
09:06
South Korean hospital to integrate blockchain-based health data management solution
07:39
Disney in talks to acquire Bitstamp and Korbit owner Nexon: Report
06:13
University of Nevada, Reno teams up with blockchain startup Filament on smart city mobility project
05:12
Crypto exchange Coinbase shuts Chicago division
04:20
MIT and other universities team up to explore blockchain potential for management of academic credentials
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft