G20 Countries Sign A Declaration To Regulate Cryptocurrencies (Under FATF Standards)

In the latest cryptocurrency news, we have the G20 Countries recently signed a joint declaration in Buenos Aires in order to regulate cryptocurrencies like Bitcoin and combat their use for money laundering and financing of terrorism in line with the Financial Action Task Force (FATF) standards.

The report was first published by Saudi Gazette, which cited the Section 25 of the declaration reading the following:

“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.”

Meanwhile, FAFT is a set of standards created by the Organisation for Economic Co-operation and Development (OECD) as a policy-making organisation that fights money laundering and the financing of terrorists. The organisation began to discuss ways to introduce binding rules that would govern the cryptocurrency exchanges around the world in a bid to accommodate new market realities.

As the G20 declaration reads, “other responses” were also considered, adding that it would seek “a consensus-based solution to address the impacts of the digitization of the economy on the international tax system with an update in 2019 and a final report in 2020.”

“The objective of the framework is to identify any emerging financial stability concerns in a timely manner. To this end, it includes risk metrics that are most likely to highlight suck risks, using data from public sources where available,” the FSB framework concludes.

The forum initially issued a communique in July and also has a regulator which is the Financial Stability Board (FSB) headed by Mark Carney, the Governor of the Bank of England who is a fan of strict monitoring in the crypto sector and recently published a set of metrics that it would use to monitor and bring sanity to the crypto markets.