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G20 leaders welcome efforts of global regulatory bodies on cryptocurrencies

Mon, 10 Jun 2019, 05:08 am UTC

G20 finance ministers and central bank governors have welcomed the efforts of global regulators on cryptocurrencies and have recommended considering multilateral responses as needed.

In a joint communiqué published on June 9, the G20 leaders have welcomed the efforts of international organizations including the International Organization of Securities Commissions (IOSCO), Financial Action Task Force (FATF), and the Financial Stability Board (FSB) in this area.

Earlier this month, the FSB published a report on crypto-assets focused on the ongoing work, regulatory approaches and potential gaps. In April, it had released a crypto-assets regulators directory in order to provide information on the relevant regulators and other authorities in FSB jurisdictions and international bodies who are dealing with crypto-asset issues.

IOSCO, on its part, recently announced that it was seeking feedback on a consultation paper on regulating crypto-asset trading platforms (CTPs).

“We welcome IOSCO’s work on crypto-asset trading platforms related to consumer and investor protection and market integrity. We welcome the FSB’s directory of crypto-asset regulators, and its report on work underway, regulatory approaches and potential gaps relating to crypto-assets,” the communiqué reads.

“We ask the FSB and standard setting bodies to monitor risks and consider work on additional multilateral responses as needed.”

The crypto and blockchain community has also welcomed the FSB’s report.

Dave Hodgson, Director and Co-founder of NEM Ventures, said that the FSB’s analysis of decentralised financial technologies and regulatory challenges is encouraging, adding that he looks forward to more concrete recommendations in the future.

It would be beneficial to hear from the FCA in the UK and the SEC in the US as they have thus far been quiet on their preferred approach. As a result, companies have been reliant on self regulation combined with hefty punishments in these jurisdictions for those who have fallen victim to this regulatory uncertainty,” he said. “It is also critical to consider the role that proactive regulators such as Gibraltar, Malta, Bermuda, Switzerland, and Germany will play - as regulatory certainty will allow the population to operate how it wishes, while being legally compliant.”

Nick Cowan, Managing Director and Founder of the Gibraltar Stock Exchange (GSX) Group:

“The recent report from the Financial Stability Board (FSB) illustrates the far-reaching implications of the ongoing decentralisation of financial services, especially from a regulatory and governance standpoint. Innovations pertaining to decentralised finance should take place in tandem with regulatory advances. It is important that institutions set up in jurisdictions with clear, adaptable regulation – as is the case in Gibraltar, a jurisdiction that has taken a lead in establishing a purpose built framework to accommodate Distributed Ledger Technology (DLT).”

The G20 leaders further reaffirmed their commitment to applying the recently amended FATF Standards to virtual assets and related providers for Anti-Money Laundering (AML) and Counter-Financing of Terrorism (CFT).

“We look forward to the adoption of the FATF Interpretive Note and Guidance by the FATF at its plenary later this month,” they said.

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