The G20 is moving rapidly toward the introduction of guidelines for cryptocurrencies. While nothing implemented yet is meant to be all-inclusive, it has been making strides toward helping shape the industry, including adherence to rules established by the Financial Action Task Force (FATF). Now, the member countries of the G20 are preparing to meet once again in order to push out more regulations for digital assets.
According to the Kyodo news outlet, the G20 countries will meet in Fukuoko, Japan, on June 8 and 9. They will be discussing, among other things, anti-money laundering regulations for the crypto industry. The goal is to create a framework to battle money laundering and terrorism financing through crypto and the governors of central banks and finance ministers of the G20 countries will be on hand for the meeting.
Kyodo also indicates that the countries won’t just be discussing their options at the meeting. They will, reportedly, be coming up with decisions on new regulations and how to implement them. The forum will be used to address anti-anonymity and how to create stricter identification guidelines that will enable better transparency in the crypto space.
The mayor of Fukuoka, Soichiro Takashima, said of the upcoming meeting, “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. My fellow citizens and I are determined to make this meeting a success.”
It’s only a matter of time before global regulations for digital assets are in place, much the same way they are for fiat and fiat transactions. Some crypto enthusiasts may not like it, but it’s the reality and it also supports the original concept of Bitcoin. The Wild West days are coming to an end and it’s better to accept and embrace the changes now, instead of trying to fight the inevitable.
To put things in perspective, the G20 asserted last December, “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.” They are also reviewing tax implications and could issue a report on the subject sometime next year.
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