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G20: “will regulate crypto-currencies in Accordance with the FATF Standards”

G20: “will regulate crypto-currencies in Accordance with the FATF Standards”

Home News G20: “crypto-currencies in Accordance with the FATF Standards regulate”

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Marcus Misiak –
03.12.2018

The G20 countries have signed on Saturday in Buenos Aires, a joint Declaration in which they promise to regulate crypto-currencies, and their use for the purposes of money laundering and combating the financing of terrorism, in accordance with the Standards of the Financial Action Task Force (FATF).

The FATF laundering of the Organisation for economic co-operation and development (OECD) as a political organization to combat money and the financing of terrorists established. The FATF began to discuss it in July, a September meeting of the Finance Ministers to the G20 summit, as binding rules for the global exchange of crypto currencies could be introduced and issued a communication in which it was stated that until October the applicable Anti-money laundering Standards for the crypto-currency sector are to be applied.

At that time, the group had declared that their States would have to monitor the crypto industry, where she claimed that crypto-currencies are not a threat to the Fiat money system. The Forum had its regulatory authority, the Financial Stability Board (FSB), under the leadership of Mark Carney, Governor of the Bank of England commissioned a framework for the Surveillance of crypto to develop the sector.

On Saturday has now signed a new joint Declaration by all the G20 countries officially which acknowledges that given the rapid pace of “digitization” of the world economy “necessary reforms” are required. In terms of cryptography, or “crypto-Assets currencies” in the document, has agreed the G20 on a regulatory approach in line with the FATF Standards. In section 25 of the official statement, it says:

We are crypto-laundering Assets to combat money and the financing of terrorism regulate, in accordance with the FATF Standards and, if necessary, consider further measures.

In addition, the countries should work together and the rapid digitization of the world economy, also for tax reasons monitor. An extract of section 26 reads as follows:

We will continue to work together to find a consensus-based solution for the effects of the digitalisation of the economy on the international tax system, with an update in the year 2019, and a final report in 2020.

The leaders of the G20 seem to have a special attention to the need for an international framework for the taxation of transactions in crypto to load currencies, in order to prevent tax evasion.

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