To Regulate Cryptocurrencies By G20 Countries in Line with FATF Standards

The G20 Countries have signed a joint declaration in Buenos Aires, wherever it promises to control cryptocurrencies and combat its use for money laundering and the financing of terrorism in line with the Financial Action Task Force (FATF) standards, per a Saudi Gazette report.

Section 25 of the declaration signed by the forum reads:

"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.”

FAFT was created by the Organisation for Economic Co-operation and Development  (OECD), as a policy-making organization to fight money laundering and therefore the financing of terrorists. The FATF began discussing ways that to introduce binding rules that might govern cryptocurrency exchanges globally, earlier this year. The organization had additionally sought out the present rules during a bid to accommodate new market realities. 

According to the G20 declaration, “other responses” would be considered as needed, adding that the countries would also continue to monitor the worldwide economy, that is speedily being digitalized, adding that it “would seek a consensus-based solution to handle 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 G20 forum first issued a communique in July, wherever it wanted to apply anti-money-laundering standards for the cryptocurrency sector by October. At the time it had expressed that its member states would continue to monitor the industry, whereas claiming that the sector doesn't pose a financial.

The forum had commissioned its regulator, the Financial Stability Board (FSB), headed by Mark Carney, Governor of the Bank of England, who could be a fan of strict observation of the crypto markets to develop a framework for monitoring the crypto sector. The watchdog had revealed a group of metrics that it might use to observe and convey sanity to the markets. The FSB framework was developed in partnership with the Committee on Payments and Market Infrastructures.

"The objective of the framework is to spot any emerging financial stability concerns in a timely manner. to this end, it includes risk metrics that are possibly to spotlight suck risks, using data from public sources wherever available,” the FSB framework reads.

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