G20 Summit: members officially intend to apply FATF crypto guideline

Posted 01 July, 2019

At the recent summit, the G20 members have officially accepted the guideline for the regulation of the cryptocurrency sector that was submitted by the Financial Action Task Force.

The G20 Summit took place in Osaka (Japan) on June 28-29. Among other trade and world issues, the participants discussed the problems and challenges that are seen in the cryptocurrency sector. One of the key points was the regulation of this industry. As a result, it was stated during the event that the G20 members confirm their intentions to use the final version of the regulation guideline that was developed by FATF in June 21. These measures are said to be aimed at fighting against terrorism financing and money laundering activities.   

For reference, the Financial Action Task Force stated in its final edition of the guideline that it should be mandatory for all cryptocurrency exchanges to collect data about their clients during transactions and exchanges the information with other platforms. Some players in the crypto market asked the authority to revise their position citing that this industry will hardly manage to comply with such requirements making them drop off the radar.

It should be mentioned that the G20 members already expressed their plans to support FATF proposal, and this time it was the official confirmation.

Along with this, the G20 representatives also added that the crypto sector development will remain under their close attention.

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