G20 Finance Ministers Reaffirm Support for Global Crypto Regulation

Wilfred Michael 

Wilfred Michael

News reporter

10 June 2019,
04:00
G20 Finance Ministers Reaffirm Support for Global Crypto Regulation

For cryptocurrency enthusiasts monitoring the regulatory space, the G20 members meeting which took place this weekend was expected to offer insights into how global finance ministers and central bank governors view the emerging industry.

For instance, given the rumored impending outright ban on cryptocurrency usage in India, a G20 meeting could lead to a change of mind and promote the existence of the industry.

Well, the latest meeting in Fukuoka did not bring about any notable adjustments on the regulator’s view of cryptocurrencies.

A communique signed by the participating finance ministers and central bank governors suggested that cryptocurrencies currently do not pose any threat to financial stability.

At the same time, it urged the relevant regulatory bodies to “remain vigilant to risks, including those related to consumer and investor protection, anti-money laundering (AML) and countering the financing of terrorism (CFT).”

Regarding what regulatory frameworks should go into force for the crypto industry, the group reaffirmed its commitment to current efforts made by the Financial Action Task Force (FATF) to amend AML and CFT Laws, as well as issuing guidance note on cryptocurrencies.

The communique next, appreciated the recent release of a crypto trading platform regulatory framework by the International Organization of Securities Commissions (IOSCO), and efforts made by the Financial Stability Board (FSB) to report on the growth of the industry.

Meanwhile, although a significant part of the section on cryptocurrencies deliberated on the need for regulatory oversight, G20 finance ministers and central bank governors acknowledged that “technological innovations, including those underlying crypto-assets, can deliver significant benefits to the financial system and the broader economy.”

The meeting at the weekend leads up to the G20 Osaka Summit expected to take place later this month. Stmarket.co reported earlier that Japan could try to help member nations adopt its already working regulations for the crypto industry.

 

Subscribe to our Telegram and Reddit channels to stay up to date on the latest STO and crypto regulations news