Altcoin News: G20 Participants Confirmed Their Willingness to Implement Global Regulation of the Crypto-Industry

June 11, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

Finance ministers and heads of central banks of the G-20 member states called on the Financial Stability Board (FSB) to monitor the risks associated with cryptocurrency assets, writes the Cointelegraph with reference to a joint statement published on the website of the Ministry of Finance of Japan on June 9 following the meeting in Fukuoka.

“We ask the FSB and standard setting bodies to monitor risks and consider work on additional multilateral responses as needed,” the document says.

In particular, this call refers to “technological innovations, including cryptocurrency assets that can provide the financial system and the economy as a whole with significant benefits.”

“While crypto assets do not pose a threat to global financial stability at this point, we remain vigilant to risks, including those related to consumer and investor protection, anti-money laundering (AML) and countering the financing of terrorism (CFT),” the meeting participants explained.

They also noted that they are awaiting approval of recommendations and mandatory requirements for cryptocurrency companies by the Financial Action Task Force’s (FATF) at a plenary session this month, and confirmed their readiness to implement them.

Earlier, representatives of the cryptocurrency industry expressed their protest against the proposed regulatory measures by the FATF, finding them unrealizable.

Author: Marko Vidrih