G20 Adamant About Crypto AML Regulations This Year
G20 is a consortium of ministers and leaders in the central banking industry of the European Union, has repeatedly confirmed its intentions of applying global AML policies earlier this week.
In an announcement, G20 confirmed that its members will continue intricately observing the global cryptocurrency industry even after claiming that crypto-assets and products are not a threat to global monetary balance. The forum has appointed its own observational party, the FSB and member regulators in SSB’s, to continuously watch over the industry and deploy several according to responses whenever required.
Part of the document published by the group has revealed their decision to double on their efforts of regulating the crypto-industry in the respective venues with October of this year set as a deadline for any further submissions. As it states in the published paper, G20 has echoed its prior commitments from March in light of the FATF standards and their application as well as asking the task force to fully reveal how these standards will add to crypto-assets.
The FATF, Financial Action Task Force, is a global entity consisting of 37 countries dedicated to essentially eradicating money laundering and the illicit funding of terrorism worldwide. As of now, the task force has been consistently developing contractual rules for digital currency trading exchanges internationally. Deeper talks into the project occurred last month, aiming to launch a collaborated effort by all members to begin developing licensing for crypt-exchanges and KnowYourCustomer procedures.
A week ago, a report highlighted several measurements to observe the cryptocurrency market on a global scale. Part of the risk assessments that were outlined in the report involved the volatility and unpredictable nature of top leading currencies such as BTC and Ethereum and consistently tracking their market cap in relations to their expansion and advancements.
Mark Carney, chairman of the Financial Stability Board has stated a demand for restless observation of crypto in regards to the chaotic market growth during 2017’s incredible bull run.