G20: WE ARE GOING TO REGULATE CRYPTOCURRENCIES ACCORDING TO FATF STANDARD

At the summit of G20 “the Big Twenty” countries have come to a decision about the need to regulate digital assets in accordance with the standards of the Group of development of financial measures of struggle against money-laundering (Financial Action Task Force).

On Saturday, the joint final declaration was officially signed by all G20 member countries. The document notes that, given the rapid pace of “digitalization “of the global economy, it is necessary to reform the regulatory approach taking into account cryptocurrencies or” crypto-assets”, as they are mentioned in the document.

Section 25 of the official declaration states:

“We will regulate crypto assets to combat money laundering and terrorist financing in accordance with FATF standards.”

Earlier, in the summer of 2018, the group of financial measures to combat money laundering and terrorist financing (FATF) informed the participating countries about the main risks and negative trends of the cryptocurrency industry, referring to the use of cryptocurrencies by organized crime in the framework of drug turnover, the growth of hidden mining, as well as the anonymous cryptocurrencies use in cyber-attacks.

Recall, in October, the Russia President Representative of the digital development Dmitry Peskov also said that the regulation of the cryptocurrency industry in Russia will be carried out jointly with FATF.