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According to a report published in the local Japanese news outlet of Kyodo, the members of the G20 will be gathering in Fukuoka, Japan on June 8 and 9 this year with the aim of discussing and imposing new regulations for cryptocurrencies relating to anti-money laundering (AML) and terrorist financing.
Ever since the birth of Bitcoin, crypto transactions are known for their association with a variety of illicit activities that include money laundering, financing terrorist activities, buying illicit assets on the dark market and many more. In addition to that, characteristic of staying anonymous or being untraceable make cryptocurrencies even more suspicious to many.
Several rules and regulations have already been implemented by governments of various countries to prevent these illegal activities. However, it looks like not enough seems to be working. This gathering of the G20 may result in some sorts of solutions by imposing a strict regulatory framework.
According to the report and the official public plans, a discussion between the members of the G20 (that are represented by central bank governors and finance ministers) will take place regarding the creation of a new framework to fight against crypto-powered money laundering and terrorism financing. Previously, the G20 members have gathered to tighten the taxation system for international electronic payment services along with anti-money laundering regulations. At the time of the previous gathering, the G20 nations agreed they would meet again this year as Japan will lead the event as president of such summit.
Coming back to the current summit of the G20, Kyodo revealed that the group of twenty nations will draw a conclusion to reach an agreement over new regulations during this meeting; furthermore, anti-anonymity will be the key subject of the meeting. The group is aiming to create an extremely transparent process of transactions by imposing the uncompromising identification & verification of individuals who are conducting business in crypto.
Hopefully with this upcoming G20 summit, countering illicit activities of money laundering and terrorism financing through crypto will come to a stop or at least slow down significantly.