G20 Looking To Discuss Over Crypto AML And Counter-Terrorism Financing Regulations

by | Apr 8, 2019 | Cryptocurrency, Cryptocurrency News

G20 | Cryptocurrency | Crypto AML |  Counter-Terrorism Financing | Regulations

The G20 member countries will be participating in a meeting held to discuss international cryptocurrency Anti-Money Laundering (AML) regulation on June 8 and 9 in Fukuoka, Japan, as reported by a local news outlet Kyodo on April 4.

As per the report and the official plans, G20 central bank governors and finance ministers will be attending the meeting, focused on establishing a framework that will combat crypto-enabled money laundering and terrorism financing.

Furthermore, the report notes that “it was revealed” on April 4 that the countries are expected to reach an agreement over new regulations during this meeting. The main aim behind the agreement is anti-anonymity, i.e. the group is reportedly looking to formulate stricter KYC for individuals transacting in crypto at the moment of transaction, to keep asset flow transparent.

Last December, the G20 countries have already called for “a taxation system for cross-border electronic payment services” and regulation to combat money laundering. Reportedly the member countries at the time would consider the issue this year’s meeting “when Japan will be the president of the summit.

Read more: Crypto And Blockchain Weekly Wrap Up – 1 April 2019 – 7 April 2019

Image Source – Unsplash.com

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