G20 Acknowledges The Benefit Of Cryptocurrencies And Sets A Deadline For AML Standards
G20 in their recent meeting have decided to take a hands-off approach in dealing with Cryptocurrencies and have called the FATF(Financial Action Task Force) which is an intergovernmental body to come up with the AML standards within 3 months i.e before October.
According to a recent report from G20, a quite balanced approach has been taken on Cryptocurrencies. Back in March the G20 had suggested that Cryptocurrencies do not pose as a threat to the current Financial stability risk, which they reiterate in the recent report and have called the FATF to come up with a regulatory framework for AML(Anti Money Laundering), Terrorist financing, tax evasion, consumer protection and protection of market integrity.
The document said:
“Crypto-assets can deliver significant benefits to the financial system and the broader economy, Crypto-assets do, however, raise issues with respect to consumer and investor protection, market integrity, tax evasion, money laundering and terrorist financing. Crypto-assets lack the key attributes of sovereign currencies. While crypto-assets do not at this point pose a global financial stability risk, we remain vigilant.
We reiterate our March commitments related to the implementation of the FATF standards and we ask the FATF to clarify in October 2018 how its standards apply to crypto-assets.”
As reported by Blockmanity, a previous report from G20 had suggested back in March, that Cryptocurrencies do not pose any threat to the current financial stability. And with the recent report suggesting to the FATF, G20 seems to take a more of a hands-off approach towards Cryptocurrencies and are taking measures to first curb the risks of issues like Money laundering and Tax evasion possible through Cryptocurrencies.
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