G20 Leaders Approve Proposed FATF Crypto Rules

Wilfred Michael 

Wilfred Michael

News reporter

01 July 2019,
17:45
G20 Leaders Approve Proposed FATF Crypto Rules

Leaders of the G20 member nations have put a final seal on the Interpretive Note and Guidance released by the Financial Action Task Force (FATF), to govern the use of cryptocurrencies and exchanges.

The international body revealed its support for the proposed legislation in a final declaration released after this year’s annual meeting which took place in Osaka, Japan during the weekend.

A section of the declarative statement reads,

“We reaffirm our commitment to applying the recently amended FATF Standards to virtual assets and related providers for anti-money laundering and countering the financing of terrorism. We welcome the adoption of the Financial Action Task Force (FATF) Interpretive Note and Guidance.”

Aside from the FATF’s efforts, the G20 release recognized similar moves made by the Financial Stability Board (FSB) and other standard-setting agencies to monitor the growth of crypto-assets in different countries.

Additionally, in an earlier part of the statement, G20 leaders repeated a comment from last year’s meeting, which is the fact that at this point, "crypto-assets do not pose a threat to global financial stability."

However, they promised to keep an eye out on developments in the industry and will move to tackle any existing or emerging risks.

Last week, Stmarket.co reported that crypto service providers who are the primary entities to abide by the proposed FATF laws organized a summit in the same location as the G20 meeting. The purpose of the gathering was to deliberate on the best ways to adopt the regulations, and if possible suggest an extended period for creating a global system which would allow crypto platforms to share user data simultaneously.

Earlier this month, G20 finance ministers also backed the proposed FATF regulations.

Learn How These Rules Apply to You as a Crypto Holder.

 

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