The participating countries “Big twenty” scheduled a deadline for drawing up a global standard for combating money laundering (AML) — the relevant legislation should be developed no later than October of the current year.
Regulation of the cryptocurrency sphere was discussed at a specially organized meeting, which was attended by the Finance Ministers and Central Bank governors of the G20 countries. As experts in the discussion were also representatives of Group of development of financial measures of struggle against money-laundering (FATF).
Within three months, the experts need to answer the question of how existing AML standards can be used to regulate the cryptocurrency sphere. The document of appeal to the FATF members “the Big twenty” has written that continue to remain vigilant, despite the fact that scriptactive, in their opinion, pose no threat to global financial stability at this stage.
Recall that in March, the G20 has committed to implement the FATF standards in the regulation of cryptocurrency assets. The decision was made in the context of the General question on monitoring and control of the cryptocurrency sphere. Then the representatives of the “Big twenty” have agreed in opinion that before giving any legislative recommendations, they must first be well to examine digital currency. The original deadline for the finished recommendation was scheduled for July. However, as practice showed, this time the G20 was not enough.
Last month it became known that FATF plans to introduce mandatory rules for kryptomere. New regulations should be, in fact, updating old, non-binding recommendations, which the organization took an even in 2015. During the development of the FATF will also examine the applicability of existing standards to combat money laundering to the cryptocurrency field, which corresponds to the request of the G20.
A week earlier, the Supervisory authority of the “Big twenty”, the financial stability Board (FSB) presented a few key metrics that can be used to monitor scriptaction. As stated in the official statement, the authority will focus on tracking the prices of cryptocurrency, the scale and growth of the ICO campaigns, use of digital currency payments as well as market volatility.
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