International Crypto Regulation To Be A Key Talking Point In The Upcoming G20 Summit In June
International Crypto Regulation To Be A Key Talking Point In The Upcoming G20 Summit
Countries globally are coming in terms of the fact that cryptos are unavoidable and it is probably in their best interest to regulate it. There is news coming from Japanese news outlets that a new international regulation proposal for digital currencies will be agreed upon at G20 finance ministers and central bank governors meeting in June at Fukuoka.
Japan led by its Prime minister, Abe Shinzo, will address digital asset economy from the point of regulation. This involves reviewing the laid regulations as per Fund Settlement Act and the Financial Instruments and Exchange Law.
The summit will focus on issues regarding security of the digital currency ecosystem following rampant hacks since the bullish run in 2017. One case that affected the industry, in particular, was Coincheck’s hack where $532 million NEM was stolen. In a manner typical to Japanese authorities, the event was followed by a swift response and have been pushing for more regulations especially in coin trading ever since.
A meeting is going to be held on June 8-9, which 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. The meeting will specifically talk about anti-money laundering (AML) and anti-terrorism financing.
Japan is considering a bill that would reduce the number of leverage exchanges is able to provide to crypto traders; the country is also mulling a ban on advertisements aimed at increasing cryptocurrency speculation.
The previous G20 conference in Buenos Aires, Argentina, in December 2018 kicked off the process of making an international regulatory framework and compliance to Financial Action Task Force [FATF] standards. A committee had been assigned to review and expand on this over the past three months.
The G-20 countries include United States, United Kingdom, Turkey, South Korea, South Africa, Saudi Arabia, Russia, Mexico, Japan, Italy, Indonesia, India, Germany, France, China, and Canada; which account for the majority of the crypto activities globally. An international guideline from G20 will be a watershed moment for crypto adoption.