G20 countries to discuss crypto AML regulations in June

07 Apr, 2019
by David Robb
Regulation
G20 countries to discuss crypto AML regulations in June

The G20 member countries are due to meet in June to discuss crypto regulations. Representatives will get together in Japan in order to establish a framework that will help to tackle money laundering.

The meeting will take place on June 8 and 9 in the city of Fukuoka, as reported by local news outlet Kyodo. It will be part of the annual Finance Minister and Central Bank Governors meeting.

Read more: G20 countries seek to build a taxation system for cryptocurrenciesG20 calls for regulating crypto with FATF standards

Anti-money laundering (AML) remains a key issue for most national regulators when it comes to cryptocurrency. Crypto trading platforms are being increasingly encouraged to adopt stringent know-your-customer (KYC) policies in order to prevent the origin of funds being hidden through the use of cryptos such as Bitcoin (BTC) and privacy coin Monero (XMR).

As well as criminal organizations, rogue states are also suspected of making use of crypto in order to circumvent international economic sanctions. The country itself will apparently not be mentioned by name at the meeting, but cracking down on North Korean state-sponsored cyber criminals who often steal crypto in order to help fund the regime, will be a priority for the G20 members.

Read more: Bitcoin 2020: What will the US presidential race do for crypto?

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