G20 could decide on anti-money laundering standard for cryptocurrencies in October

TRON Acquisition

The head of the Financial Action Task Force told the Financial Times that he is confident that a global anti-money laundering standard for cryptocurrencies would be adopted in October this year.

Marshall Billingslea, president of the Financial Action Task Force (FATF), was optimistic that a standard is about to be finalized when the FATF holds its plenary session.

As the head of the Financial Action Task Force told the Financial Times, he is confident that a global anti-money laundering standard for cryptocurrencies would be adopted in October this year.

Marshall Billingslea, president of the Financial Action Task Force (FATF), was optimistic that a standard is about to be finalized when the FATF holds its plenary session

The G20 opinion at the time stated that cryptocurrencies “pose problems in terms of consumer and investor protection, market integrity, tax evasion, money laundering and terrorist financing”. In what respect and whether blockchain technology or cryptocurrencies provide advantages for the financial markets is not mentioned.

Over the past few months, the Task Force is now expected to have significantly accelerated its efforts to achieve global consensus, after the G20 member states requested to accelerate the process.

New G20 Guidelines on Cryptocurrencies

Billingslea recently said that rules and standards for cryptocurrencies are “very much like a patchwork” that “creates significant weaknesses for national and international financial systems”. The current guidelines, which were already introduced in June 2015, recommend that stock exchanges be registered or licensed and that they be required to identify their clients under the existing Anti-Money Laundering (AML) and Know-Your-Customer (KYC ) Guidelines. However, these are not mandatory in all Member States.

Exactly what regulations the new guidelines will contain and whether anti-money laundering standards will be tightened will probably not be revealed until October. However, on the 30th of November, when the G20 summit takes place in Argentina with all heads of government, it could possibly be announced.

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