• Mon, 26 Aug 2019, 09:02 AM
  • All times are UTC
  • Edition:
    International
Copy link
Increase text size
Decrease text size
Link copied

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.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $10,342.70 (+2.11%)
  • Ethereum (ETH) $190.44 (+0.01%)
  • XRP (XRP) $0.271300 (-0.51%)
  • Bitcoin Cash (BCH) $312.05 (+1.24%)
  • Litecoin (LTC) $74.03 (+0.85%)
  • Bitcoin (BTC) $10,342.70 (+2.11%)
Aug 26, 2019 (Monday)
08:49
US lawmaker’s concerns on Facebook's crypto remain unresolved even after meeting with Swiss regulators
08:13
Brave Browser expands token tipping service to Vimeo, Reddit users
08:05
Craig Wright again tries to prove authorship of Bitcoin white paper
04:09
Crypto startup Circle eyes $100M fundraise for its crowdfunding arm SeedInvest
04:05
BitPay, Blockchain.com team up to offer a new way of bitcoin spending
04:04
Binance offers lifetime VIP membership to hack victims, blames KYC vendor for image leaks
Aug 23, 2019 (Friday)
11:35
Stablecoin project Terra receives funding from HashKey Capital
10:49
Three of the founding members of Libra Association consider backing out: Report
08:55
Overstock's Patrick Byrne steps down as CEO
08:52
Pundi X brings XPOS crypto payments to Venezuela's Traki retail stores
07:22
Blockchain startup Blockstack scores strategic investment from Japan's Recruit Holdings
07:19
BitGo announces support for multi-signature EOS wallet and custody services
06:39
US Treasury blacklists crypto addresses of suspected Chinese fentanyl traffickers
06:14
Chainalysis launches ‘Chainalysis KYT Alerts’ to detect suspicious cryptocurrency activity in real-time
05:13
Cryptocurrencies used to buy fentanyl, other illicit drugs: White House
05:04
Blockchain energy startup Power Ledger extends energy trading trial in Fremantle
03:53
Blockchain accelerator initiatives launched at the University of California campuses
Aug 22, 2019 (Thursday)
13:05
Crypto exchange Coincheck mulls launching IEO Platform
12:46
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
11:53
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft