Business 3 December 2018Paul How
G20 nations agree to regulate crypto in line with FATF rules
Members of the G20 international forum have signed a joint declaration that establishes, among other things, the adoption of regulations for cryptocurrencies, in line with standards set forth by the Financial Action Task Force (FATF).
Various media outlets reported that the statement was signed at the conclusion of G20 talks during the weekend, in which concerns such as climate change, sustainable development, gender equality, and movement of refugees were also addressed.
Part of the document read, “An open and resilient financial system, grounded in agreed international standards, is crucial to support sustainable growth… We will regulate crypto-assets for anti-money laundering and countering the financing of terrorism in line with FATF standards and we will consider other responses as needed.”
Related to this, the G20 nations also committed to “continue to work together to seek a consensus based solution to address the impacts of the digitalization of the economy on the international tax system with an update in 2019 and a final report by 2020.”
The FATF consists of 37 member nations. Last October it had set the requiring of its standards to be applied in jurisdictions by June of next year. Under these regulations, cryptocurrency-related entities such as wallet providers, cryptocurrency exchanges, and those holding initial coin offerings (ICOs) will be required to conduct customer due diligence, which includes monitoring and reporting of transactions deemed suspicious.
Countries that fail to meet such standards, as determined by the task force’s periodic reviews, risk being placed in its blacklist.
Reacting to G20’s latest declaration, Bobby Lee, co-founder of the BTCC exchange, tweeted that “national governments are slowly but surely losing their monopoly and ability to issue fiat money.”
I wonder if @G20org World Leaders actually realize that they DO face a REAL Common Enemy now? 🤔
With #Bitcoin soon turning 10, national gov’ts are SLOWLY but SURELY losing their #monopoly & ability to issue (#fiat) money. It’s slow at first but this #revolution is irreversible! pic.twitter.com/Z62gJFouYo
— Bobby Lee (@bobbyclee) December 2, 2018
In connection with pronouncements and actions by the FATF and G20, individual countries such as Japan and Thailand, as well as individual U.S. states, are already pursuing their own financial reforms taking into account cryptocurrency markets and blockchain technology.
Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.
Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.
Business 44 minutes ago
LocalBitcoins bans users living in Iran amidst global tensions
LocalBitcoins didn’t say why they had shutdown for Iran, but global tensions look like they put some pressure on the company and its homeland of Finland.
Business 44 minutes ago
Robinhood looking to raise at least $200 million in new funding round
Robinhood is riding its popularity to another $200 million and an evaluation nearing $8 billion.
Business 1 hour ago
Crypto market daily report – May 27, 2019
The cryptocurrency markets demonstrated considerable bullish movement, with Bitcoin SV demonstrating a massive 26% rise to the $114 level.