The G20’s Financial Task Force Recommends Harsher Guidelines for Crypto Exchanges

The G20’s Financial Task Force Recommends Harsher Guidelines for Crypto Exchanges

The ability to avoid government oversight was a major reason for the popularity of cryptocurrencies like Bitcoin, when compared to conventional financial systems. This could be all set to change soon. New rules by the G20’s Financial Task Force on Money Laundering (FATF), an intergovernmental body, aimed at the development and promotion of cryptocurrencies at the national and international levels, will affect the pseudonymity of users in an effort to combat money laundering and terrorist…

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G20 Suggests Multilateral Response to Crypto; Reaffirms Application of Tough New FATF Rules

G20 Suggests Multilateral Response to Crypto; Reaffirms Application of Tough New FATF Rules

In a joint communique posted on the website of Japan’s Ministry of Finance, the G20 finance leaders have requested the Financial Stability Board (FSB) and other global regulators to monitor risks around crypto assets. Furthermore, the board also suggested a multilateral approach to regulate crypto and reaffirmed that tougher Financial Action Task Force (FATF) rules are coming. The details were revealed shortly after a G20 meeting that was held in Fukuoka, Japan. The G20 group…

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Global Financial Watchdog FSB Seeks Better Crypto Risk Assessments from Regulators

Global Financial Watchdog FSB Seeks Better Crypto Risk Assessments from Regulators

Regulators need to improve their risk assessment of the cryptocurrency sector, the G20-sponsored Financial Stability Board (FSB) said on Friday. The global financial watchdog expressed concern over the current state of regulations over the crypto market, saying that the regulations are patchy at best. In a report for G20 finance ministers and central bank governors, the FSB warned that quick technological change could lead to serious gaps in policies on digital money. Regulators across the…

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Regulation of the Crypto Market Poised to be a Hot Topic at the Upcoming G-20 Summit

Regulation of the Crypto Market Poised to be a Hot Topic at the Upcoming G-20 Summit

With the many ups and downs in the crypto space, I guess it is high time a sensible standard regulatory measure is formed. Fortunately, making it harder for cybercriminals and money launders may be closer than we think. The upcoming G-20 summit scheduled for 8-9th of June at Fukuoka Japan promises to address this issue with the utmost priority. The organization, which consists of the top 20 key economies and includes finance ministers and central…

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G20 Will Gather to Determine Money Laundering and Terrorist Funding Regulations

G20 Will Gather to Determine Money Laundering and Terrorist Funding Regulations

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…

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G20 Countries Opt to Regulate Cryptocurrency to Battle Money Laundering and Terrorism

G20 Countries Opt to Regulate Cryptocurrency to Battle Money Laundering and Terrorism

Money laundering in general and money laundering via cryptocurrency in particular is something that preoccupies any political leadership of industrial nation in the world. The decentralized nature of cryptocurrency, however, makes it very difficult for individual states to fight such cyber-crimes alone, and global cooperation is certainly necessary. This is why the participants of the G20 summit in Buenos Aires, Argentina have agreed together (which in itself is quite impressive) to collaborate in order to…

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