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AML And Crypto Transactions Identification Is On The Agenda Of G20 Summit

05 April 2019 12:56, UTC
AML And Crypto Transactions Identification Is On The Agenda Of G20 Summit

Japanese media report that a new proposal on the international regulation of virtual currencies is on the agenda at the G20 summit where finance ministers and central bank governors will hold a meeting in June in Fukuoka.

The summit will be held from 8 to 9 June and marks an important step from the authorities of different governments. It is assumed that countries prepare to accept the inevitable: the fact that decentralized means of data and values sharing ​​will become the norm. The appointment is primarily devoted to the anti-money laundering (AML) and the counter-terrorism financing (CTF) issues. Negotiations on the regulation of cryptocurrency at the global level have been conducted more than once, but so far there are still no unified solutions.

Measures aimed at preventing any entity from avoiding economic sanctions and illegally financing themselves by stealing crypto assets will also be a hot topic. North Korea was mentioned in the context of this issue.

Still, investors will have to wait until June to find out what the nations of G20 will decide upon cryptocurrency. The result of the summit may well bring some clarity to the regulatory frameworks around the world.

Image taken from G20 Summit in Fukuoka official website



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