The G20 discussed crypto regulation in its recent deposition on sustainable development assumed in Argentina.
The declaration was circulated on the official website of the Council of the European Union and the European Council.
At a gathering in Buenos Aires on November 30 and December 1, G20 executives expressed their issues about the crypto industry along with its agenda regarding the future of work and infrastructure for development.
The declaration called “Building consensus for fair and sustainable development” about cryptocurrencies as an significant part of an “open and resilient financial system” that “is crucial to support sustainable growth.”
While acknowledging the significance of the cryptocurrency industry for the world’s economy, the G20 stressed that it would launch anti-money laundering (AML) and anti-terrorist financing methods per Financial Action Task Force (FATF) standards.
G20 participants also expressed an encouraging stance on non-bank financial institutions, citing the possible advantages of technology in the financial sector provided that the tech disruptors are looking at associated risks:
“We look forward to continued progress on achieving resilient non-bank financial intermediation. We will step up efforts to ensure that the potential benefits of technology in the financial sector can be realized while risks are mitigated.”
G20 officials have initially expressed a “soft” stance on crypto, saying that they would continue a “hands-off approach” towards crypto regulation. In July, a summary of interim rulings made by the focused Finance Ministers & Central Bank Governors said that “technological innovations, including those underlying cryptoassets, can deliver significant benefits to the financial system and the broader economy.”
However, the document stated:
“Crypto-assets do, however, raise issues with respect to consumer and investor protection, market integrity, tax evasion, money laundering and terrorist financing.”
- Tom Lee Claims Fair Value of Bitcoin to Touch $150K Per Coin 14 December 2018
- Church’s Chicken Begins Accepting Dash in Venezuela 14 December 2018
- TokenSoft Invests in SEC-Regulated Broker-Dealer 14 December 2018
- Banking App Revolut Claims EU Banking License 14 December 2018
- Bitcoin Trumps Google Trends as Users Look to Know “What It Is” 14 December 2018
Blockchain4 days ago
State Farm Looking at Blockchain Solution to Quicken Auto Insurance Claims
SEC4 days ago
US SEC Chairman Jay Clayton Says ICOs Can Be Effective
Blockchain5 days ago
IBM Works with Abu Dhabi National Oil Company for Blockchain Supply Chain System
china5 days ago
Chinese Central Bank Governor Labels STOs “Illegal Financial Activity”