G20 Finance Ministers and Central bank Governors ordered the Financial Stability Board (FSB) and organizations setting economic standards to begin tracking risks associated with the cryptocurrency trade.
Representatives of the states from the G20 signed a document that was published on the website of the Ministry of Finance of Japan on June 9. It speaks of the need to monitor the market of virtual currencies in order to develop measures aimed at reducing potential risks.
Officials admit that the technological innovations that underlie digital assets can benefit the global economy. In their opinion, cryptocurrencies currently do not threaten the stability of the financial system, however, they are used to launder money and finance terrorists. Moreover, state bodies are obliged to detect and eliminate the facts of illegal frauds in order to protect the rights of consumers and investors.
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At the next meeting in late June, G20 members plan to apply new standards for the Financial Action Task Force on Money Laundering (FATF) to the crypto industry. The work on identifying illegal activities will be led by the International Organization of Securities Commissions and the FSB. In April, the Japanese news agency Kyodo announced that at the G20 summit new regulatory measures would be created to improve methods of countering money laundering.
Despite the publication, employees of the blockchain company Chainalysis doubt that G20 members will agree on new ways to regulate the work of crypto enterprises. The head of the firm, Jesse Spiro, believes that the recommendations of the FATF, which will be published on the basis of the summit, will reflect the provisions adopted in March 2019, namely, the standards for customer identification, transaction monitoring and suspicious trading activity.
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