G20 Countries To Establish Crypto Framework In June

News, Regulation | April 9, 2019 By:

Financial policymakers from the world’s top 20 economies will be meeting in June to discuss international cryptocurrency Anti-Money Laundering (AML) and Countering Financing of Terrorism (CFT) regulations.

In December 2018, the G20 countries agreed to work on international efforts to regulate cryptocurrencies in line with Financial Action Task Force (FATF) standards. All G20 nations signed a joint declaration on “Building consensus for fair and sustainable development,” acknowledging that “necessary reform” is required to maximize the benefits of digitalization and emerging technologies for innovative growth and productivity.

Now, G20 central bank governors and finance ministers are preparing to meet once again to discuss the crypto framework. The meeting, which will be held in Fukuoko, Japan, on June 8 and 9, will focus on anti-money laundering regulations for the crypto industry. The goal is to establish a framework to combat crypto-enabled money laundering and terrorism financing.

Japanese news outlet Kyodo reported that the countries are expected to reach an agreement over new regulations and how to implement them during this meeting. Member countries reportedly aim to enforce stricter identification of individuals transacting in crypto.

“In the financial sector as well, the waves of innovation are surging and the world is keeping a close watch on future developments, lending great significance to Fukuoka’s hosting of the Finance Ministers and Central Bank Governors Meeting,” Soichiro Takashima, mayor of Fukuoka. “My fellow citizens and I are determined to make this meeting a success.”