G20 members have published a document, where they informed the public about their plans to set the deadline for global Cryptocurrency AML standard review on October.
23 July, AtoZ Markets – Members of the G20 organization are now weighing in the deadline for the reviewing a global anti-money laundering (AML) standard on cryptocurrency, according to the document issued by the authority.
G20 considers October Deadline for Global Cryptocurrency AML Standard Review
As per the statement, finance ministers and central bank governors of the G20 member nations hosted a meeting during this past weekend. The statement notes that countries have reiterated their position on “vigilant” monitoring over cryptocurrency market.
They have further called on the Financial Action Task Force (FATF) to make clear how its existing AML standards can apply to cryptocurrency. The FATF is an intergovernmental body designed to combat money laundering and terrorist financing.
Member countries have written in the document:
“While crypto-assets do not at this point pose a global financial stability risk, we remain vigilant. … We reiterate our March commitments related to the implementation of the FATF standards and we ask the FATF to clarify in October 2018 how its standards apply to crypto-assets.”
G20 has initially urged FATF to issue AML standards related to cryptocurrency market earlier this March. The organization is aiming at a wider approach for global regulations on the issue.
Earlier this month, the Financial Stability Board has published a framework for monitoring cryptocurrency assets. This organization is responsible for analyzing and developing recommendations for G20 concerning global financial systems.
The new FSB’s cryptocurrency monitoring framework outlines a number of metrics that it will use to oversee the developing cryptocurrency markets. According to the organization itself, the framework “should help to identify and mitigate risks to consumer and investor protection, market integrity, and potentially to financial stability.”
The FSB has published this standardized network along with a report on Monday. It has been submitted to the ministers of G20 countries and to the central bank governors. As per the document, the overseeing efforts will mostly focus on cryptocurrency assets’ price volatility and the wider use of cryptocurrencies for payments and institutional exposure.
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