G20 Sets to Control Crypto Assets – a Look at Existing Policies

The forthcoming G20 summit is going to be conducted in Osaka, Japan, on June 28 and 29.Contestants are 19 member countries, the European Union, guest countries as well as a lots of international associations.Following the members’ mutual declaration attempting control crypto assets for AML and CFT needs, many standard-setting agencies have sponsored resources to assist the G20 set crypto policies.As stated by Japanese media, the countries are supposed to agree upon new crypto-related polices at the summit.

The G20 has reaffirmed its guidance for the Financial Action Task Force ( FATF ) as “the global anti-money laundering, counter terrorist funding, and proliferation funding standard-setting body,” the FATF defined in its report presented to the G20 last week.The G20 has furthermore asked the organization to make clear the way its benchmarks apply to “virtual asset activities”.Responding to this request, the FATF revealed that “Jurisdictions should apply a risk-based strategy to virtual assets” and related activities.Guaranteeing to issue new guidelines in June, it elaborated.

The Financial Stability Board, which monitors and makes suggestions concerning the universal financial system, also submitted a report to the G20 which defines who the crypto regulators are in each member country.However, the Basel Committee on Banking Supervision is presently undertaking a quantitative study of banks’ direct and indirect exposures to crypto properties.

Moreover, international standard setter for securities market control, the International Organization of Securities Commissions, has developed a support framework to help with addressing domestic and cross-border issues owing to initial coin offerings ( ICOs ) and a framework for figuring out risks associated with the secondary trading of crypto assets.

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