G20 countries seek to build a taxation system for cryptocurrencies

03 Dec, 2018
by Manon Bridou-Koenig
G20 countries seek to build a taxation system for cryptocurrencies

The member states of G20, which gathered past weekend in Buenos Aires Argentina, are working on a taxation system and “will consider the issue during 2019 when Japan will be the president of the summit” for an unified Crypto Regulation and Taxation.

By definition, the G20 is an "international forum for government officials and central bankers" from the world’s 20 largest economies. Member states represent 85% of global economic output, 66% of the world’s population and 75% of international trade.

A final communique was published on Sunday to sum up the meeting and part of it called for unified regulations and a global approach to digital currencies. As reported by Chepicap and FXstreet the G20 organization confirmed its commitment to using all political tools, including digitalization of the global economy and crypto assets, to promote global growth.

The publication also stated that G20 leaders are seeking to “build a taxation system for cross-border electronic services.

They are already working on a system and aim to introduce it next year when Japan will be the president of the summit. After considering proposals from each member state a final version of the regulations are expected to be implemented by 2020.

We will continue to monitor and, if necessary, tackle emerging risks and vulnerabilities in the financial system; and, through continued regulatory and supervisory cooperation, address fragmentation. We look forward to continued progress on achieving resilient non-bank financial intermediation. We will step up efforts to ensure that the potential benefits of technology in the financial sector can be realized while risks are mitigated. We will regulate crypto-assets for anti-money laundering and countering the financing of terrorism in line with FATF standards, and we will consider other responses as needed

This summer, France’s former finance minister, Bruno Le Maire, called on the G20 countries and European Union to discuss the issue. At the time, he said that there is ”evidently risk of speculation” in regard to the cryptocurrency market.

Read more : France's economy and finance minister announces new ICO regulations

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