G20 wants to create a unified approach to cryptocurrency regulation
- Digital assets are mentioned in the final communique of G20 summit.
- The global approach to regulation is needed.
The leaders of G20 countries addressed cryptocurrencies and digital assets in their final communique, published on Sunday as a sum-up if the meeting in Buenos Aires, Argentina.
They confirmed their commitment to using all political tools - including digitalization” of the global economy and crypto assets - to promote global growth.
Apart from that, G20 participants agreed to develop a unified approach to crypto regulation in compliance with standards of Financial Action Task Force (FATF).
“We will step up efforts to ensure that the potential benefits of technology in the financial sector can be realized while risks are mitigated. We will regulate crypto-assets for anti-money laundering and countering the financing of terrorism in line with FATF standards, and we will consider other responses as needed,” the declaration says.
The market reaction to the news has been muted so far as the final statement of Argentina summit contained nothing new. The leaders repeated their reserved attitude towards digital assets and stressed the necessity of deploying regulatory standards.
Some countries like Australia, Canada, Germany, and many others have been regulating digital assets within the existing legal framework. However, fragmentized approach and the lack of unification make it harder to address the money-laundering and other risks on an international level.
Author
Tanya Abrosimova
Independent Analyst
