The participating Countries of the G20 alliance agreed to introduce cryptocurrency regulation in accordance with the standards of the Financial Action Task Force on Money Laundering (FATF).
The agreement was reached during the G20 summit, which took place last week in Buenos Aires. In particular, a final declaration was signed in which the leaders of the G-20 countries agreed on the reform of the regulatory framework for cryptoactive assets.
Thus, according to the document, the regulation of digital currencies will help to create an “open and stable financial system.” It also states that countries will use FATF standards to regulate cryptoactive assets in the fight against money laundering and the financing of terrorism.
The first developments in this area are planned to be presented at the next meeting of the G20 member countries in 2019. The project is scheduled for 2020.
WHY IS IT IMPORTANT
- On the need to apply the FATF standards in relation to cryptoactives, G20 leaders have already spoken repeatedly. The publication of the rules for international regulation of cryptocurrencies developed by the FATF is now scheduled for the summer of 2019.
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