G20 Leaders Back Regulation of Cryptocurrencies

Dec 04, 2018 at 20:28

Leaders of the G20, which is considered to be the biggest forum for the governments and central bank governors from the world’s largest economies, has expressed support to calls for regulation of cryptocurrencies.

“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,” the statement read.

It can be recalled that G20 maintained openness in governing crypto assets especially that its members such as the United States and Japan are two of the biggest cryptocurrency markets which has been home to numerous crypto startups and companies.

Likewise, most countries within the said group have already regulated their respective cryptocurrency industries but justified that the move is crucial to help the crypto market to be a resilient financial system with a sustainable growth.

“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,” the group further explained.

The full statement can be accessed via https://www.scribd.com/document/394805087/Buenos-Aires-Leaders-Declaration#from_embed

G20’s message came amid US Securities and Exchange Commission chair Jay Clayton’s controversial issuance that Bitcoin markets are generally unregulated and vulnerable to manipulation.

“What investors expect is that trading in the commodity that underlies that ETF makes sense and is free from the risk of manipulation. It’s an issue that needs to be addressed before I would be comfortable,” he explained.

Notably, the regulatory body has also recently slapped charges against boxer Floyd Mayweather Jr. and music producer DJ Khaled for failing to disclose payments they received in promoting investments in initial coin offerings in a landmark decision.