Countries “Big twenty”: We are going to regulate cryptocurrencies standard FATF

Countries “Big twenty”: We are going to regulate cryptocurrencies standard FATF

At the summit of G20 countries “the Big twenty” has come to a decision about the need to regulate digital assets in accordance with the standards of the Group of development of financial measures of struggle against money-laundering (FATF).

On Saturday, the final joint Declaration was formally signed by all member countries of the G20. In the document it is noted that, given the rapid pace of digitalization of the global economy, it is necessary to reform the regulatory approach of cryptocurrency or “crypto-asset”, as they are mentioned in the document.

In section 25-m the official Declaration said:

“We are going to regulate crypto-assets to combat money-laundering and combating the financing of terrorism in accordance with FATF standards”.

Earlier, in the summer of 2018 Group of development of financial measures to combat money laundering and terrorist financing (FATF) informed the participating countries about the main risks and negative trends in the cryptocurrency industry, attributing to them the use of cryptocurrencies organized crime in the trafficking of drugs, the growth latent of mining, and the use of anonymous cryptocurrency in cyberattacks.

However, the Council stated that the need to strengthen international coordination to fill data gaps on the monitoring of the rapidly growing, but still tiny sector, constituting less than 1% of global GDP at its peak.

According to news agencies, a global controller, which went through a series of Bank and market reforms after the financial crisis, said it would be more focused on the review of existing rules and depart the development of new.

Perhaps in July of this year the situation is even more determined: at the next meeting of the field will receive new proposals from regulators.

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