G20 are in support of the FATF’s crypto regulatory guidelines, calling for fast and effective implementation
- “Guidance for a Risk-Based Approach to Virtual Assets and Virtual Asset Service Providers” was approved at G20.
- The members did accept that at present that cryptocurrencies do not pose a threat to global stability.
Over the weekend at the G20 Summit in Osaka, Japan, the regulation which was detailed by the Financial Action Task Force (FATF), titled “Guidance for a Risk-Based Approach to Virtual Assets and Virtual Asset Service Providers” was approved.
It was discussed that at present cryptocurrencies do not pose a threat to the stability of the global financial system, but all progress around the sector will be watched carefully.
FAFT had put forward their proposal at the Summit, which were welcomed. The application for its newly-formulated guidelines around the new anti-money laundering and anti-terrorism measures on dormant assets and relevant companies set for potential integration. All details were citing the news released by Coinpost.
Author
Ken Chigbo
Independent Analyst
Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.
