Altcoin News: G20 Officially Supported FATF Recommendations for Regulating the Cryptocurrency Industry

July 1, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

The G-20 member countries officially supported the new recommendations for regulating the cryptocurrency industry, presented by the Financial Action Task Force on Money Laundering (FATF), writes The Block.

“We reaffirm our commitment to applying the recently amended FATF Standards to virtual assets and related providers for anti-money laundering and countering the financing of terrorism,” said a statement issued following the summit held on June 28–29 in Japanese Osaka.

FATF introduced the final version of its recommendations on June 21. According to the published document, the exchanges should be obliged to collect information about customers in the process of making transactions and share it among themselves. Earlier, representatives of the G20 expressed their willingness to support the proposals of FATF, and a recent statement was the official and final confirmation.

Representatives of the group also reported that they intend to “closely monitor” the cryptocurrency industry and “vigilant to existing and emerging risks,” At the same time, they note that cryptocurrency assets currently do not pose a threat to stability in the global financial system.

Late last week it became known that several national associations of cryptocurrency businesses decided to create a single group that will defend their interests in the international arena.

Author: Marko Vidrih