The G20 member countries will now look at an October deadline for reviewing the global anti-money laundering (AML) standard on cryptocurrency, according to a statement issued on Sunday.
As the statement says, finance ministers and central bank governors of all the G20 member countries recently hosted a meeting and re-liberated the position on a plan towards “vigilant” monitoring of cryptocurrencies.
They even called on the Financial Action Task Force (FATF) which is the intergovernmental body that was formed to fight money laundering and terrorist financing – all in order to clarify how its existing AML standards can apply to cryptocurrency within three months.
As the document reads:
“While crypto-assets do not at this point pose a global financial stability risk, we remain vigilant. … We reiterate our March commitments related to the implementation of the FATF standards and we ask the FATF to clarify in October 2018 how its standards apply to crypto-assets,”
Previously (March 2018), the G20 asked for an AML standard from the FATF in order to see a wider push for global regulatory recommendations on the issue. Last month, reports said that FATF is planning to develop binding rules of AML for the crypto exchanges.
In response to the G20’s request in March, the Financial Stability Board, which is an organization focused on the analysis of the global financial systems, presented several key metrics for monitoring crypto assets before the weekend meeting.
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