G20, Officially Supports Financial Action Task Force's (FATF) Cryptocurrency Guideline

Bank-level AML/CFT (Money Laundering and Terrorism Fund Prevention) approval of FATA requirements

The G20 has approved a new guidelines on cryptocurrency asset. The proposal suggests the possibility of strengthening cryptocurrency with an international standard in the future, while the G20 expressed the view in unison that proper regulation is needed.

The meeting was held amid deepening concerns over the U.S.-China trade war, but it is hard to predict because U.S. President Trump and Chinese President Xi Jinping agreed to resume trade negotiations. However, many are relieved that the worst-case scenario, which is likely to shake up the global economy, has been avoided.

Meanwhile, the latest digitization is bringing about transformation in all aspects of the economy and society and data play important roles in our society. In the "data distribution" field, the "data distribution right" initiative, which recognizes free cross-border data movement, has been proposed, declaring the start of negotiations to create common rules around the world, and aims to make substantial progress from the framework of negotiations named the "Osaka Track" to the WTO's June 2020 meeting.

Meanwhile, the G20 approved the FATA's "Certificate of Asset Supervision Guidance" and claimed, "cryptocurrency assets do not pose a threat to the stability of the global financial system at this point, but we must carefully monitor progress and continue to guard against existing risks."

The FATF guidance is expected to have a huge impact on the virtual currency industry as it calls for bank-level AML/CT (preventing money laundering and terrorist funding) to virtual asset service providers (VASP).

Reporter Jenny Lee (news@dailycoinews.com)의 기사 더 보기

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