G20 sets time limit for cryptocurrency AML standards

Posted 23 July, 2018

The G20 members have decided that the deadline for the revision of AML measures in the crypto segment would be this October.

During the meeting held last weekend, the participants (finance ministers, chiefs of G20 central banks) confirmed the fact that they targeted strong control over the market for cryptocurrencies.

Besides, the officials also asked the Financial Action Task Force on Money Laundering for recommendations regarding the application of the effective AML measures to the cryptocurrency segment. 

"While crypto-assets do not at this point pose a global financial stability risk, we remain vigilant. ... We reiterate our March commitments related to the implementation of the FATF standards and we ask the FATF to clarify in October 2018 how its standards apply to crypto-assets," the report reads.

In June, FATF reportedly intended to commence development of mandatory AML measures for digital coin trading platforms worldwide. 

Notably, the Financial Stability Board that deals with guidance for G20 provided "key metrics for monitoring of cryptos under the G20 request filed this March."

Previous story

23 July, 2018 16:38

← Local authorities take up arms against illegal mining in Xinjiang

The authorities of Xinjiang Uyghur autonomous region in China expressed intentions to end the illegal mining of Bitcoin by end-August. The first rumours on this matter were heard last weekend, following the leak of the documents from the Economic and Information Commission in Xinjiang. Specifically, the authorities are said to take hard-line stance towards...

Local authorities take up arms against illegal mining in Xinjiang

Next story

23 July, 2018 12:01

South Korean regulator to create cryptocurrency unit →

South Korea's Financial Services Commission plans dramatic restructuring to protect consumers and cope with the changes connected with the financial technologies. The authority is going to establish the division aimed at supervision of the crypto industry –  Financial Innovation Bureau. Seoul has reportedly been careful with the crypto regulation lately.

South Korean regulator to create cryptocurrency unit
Write a comment
Prove you’re not a bot + 18 = 31