G20 members call for crypto risk monitoring

Posted 10 June, 2019

The G20 members have filed a joint communique to the Financial Stability Board and global leading organizations citing the need for stricter monitoring and assessment of the risks that come for the cryptocurrency market. The G20 meeting was held in Japan in early June.

According to the document released on the website of Japan's Ministry of Finance, it was stated in the request that the financial regulators should take a closer stance towards cryptocurrencies and risks that they can bring. At the same time, G20 members noted that they see no threat to global financial stability from the crypto market so far.

"While crypto-assets do not pose a threat to global financial stability at this point, we remain vigilant to risks, including those related to consumer and investor protection, anti-money laundering (AML) and countering the financing of terrorism (CFT)," reads the document.

Along with this request, the Financial Stability Board was asked to tighten control over the subject market as well as consider the development of the ways to prevent the possible risks.

"We ask the FSB and standard-setting bodies to monitor risks and consider work on additional multilateral responses as needed," the request reads.

However, G20 members in the document agreed on the creation of the platform for crypto asset trading that will protect users and investors as well as secure the market integrity.

"We welcome the progress made towards developing possible principles for effective country platforms and look forward to further work to consolidate our views and build consensus...", as it was commented in the communique.

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