G20 Summit Aims To Put Strict AML Regulations On Crypto
Nations across the world appear to be quickening their pace when it comes to cryptocurrency regulation, specifically when it comes to the possibilities of terrorism financing and money laundering. Japanese media outlets report that a new international regulation proposal for virtual currencies will be agreed upon at a G20 finance ministers and central bank governors meeting in June at Fukuoka.
The meeting, to be held from June 8 – 9, would mark an important move by authorities across the world, as it would mean that they are prepping for the inevitable world where decentralized means of information and value shared are the norm. This particular meeting though, will focus on anti-money laundering (AML) and anti-terrorism financing.
No decisions have been made so far by the body, though it has been in talks about proposing regulation for some time now.
The state of North Korea was also referred to, though not by name, as the regulations intend to stop any and all entities from avoiding economic sanctions and illegally funding themselves by stealing crypto.
AML and KYC regulations would make privacy in crypto transactions more difficult, which is not something that everyone wants. Some crypto companies however, accept that these regulations are necessary to cooperate with established entities and authorities.
At any rate, investors will have to wait until June to hear what the nations of the G20 decide to do regarding cryptocurrency. The outcome may not be the one they would wish for, but it may bring some regulatory clarity that would make innovation for businesses and trading for institutions and individuals a safer prospect.