G20 agree to FATF Standards for cryptocurrency guidelines

02 Jul, 2019
Adoption
G20 agree to FATF Standards for cryptocurrency guidelines

Following the recent G20 summit held in Osaka during the last weekend of June, the group of nations have agreed to use cryptocurrency guidelines set by the Financial Action Task Force (FATF)

One of the key topics during the G20 summit, a gathering of 19 countries as well as the EU, was to discuss the way forward for cryptocurrencies across the globe. 

The G20 have finally concluded that the guidelines set by the FATF, a global money-laundering watchdog, will be sufficient according to Yahoo. 

The FATF guidelines which were released on June 21, will require exchanges to collect and transfer customer information during transactions. The Forum commented on the move, saying "We reaffirm our commitment to applying the recently amended FATF Standards to virtual assets and related providers for anti-money laundering and countering the financing of terrorism."

While the move will add more credibility to trading digital assets across the globe, the cost for exchanges to implement such a practice could be costly, and collaborating with exchanges across the globe could also be a tremendously difficult task to accomplish.

G20 further stated that they are "closely monitoring" developments within the cryptocurrency space and will remain "vigilant to existing and emerging risks"

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