An October 2018 deadline has been set by G20 member countries to review global Anti-money laundering standards on crypto assets.
The body released a statement on Sunday, after a weekend meeting involving finance ministers and central bank governors of the member nations. The financial leaders echoed their March comments which clearly outlined their commitment to monitor cryptocurrencies vigilantly.
Through the statement, the body recognized that crypto-assets can deliver significant benefit to the financial system as well as the broader economy and also do not pose any global financial stability risks.
However, as part of its pledge to create a financial system that is open, resilience and supportive of growth, the member nations have called on the Financial Action Task Force (FATF) to clarify how existing money laundering standards can apply to the cryptocurrency industry.
A section of the statement by member nations of the G20 read “We reiterate our March commitments related to the implementation of the FATF standards and we ask the FATF to clarify in October 2018 how its standards apply to crypto-assets.”
The FATF had in June announced plans to develop binding rules of AML for the world’s cryptocurrency exchanges, but will now have to work with a deadline as the next meeting for member nation finance ministers kicks off in three months.
It seems the G20 is finally stepping up towards crypto regulations with the latest statement revealing that it had gone through a report submitted by the Financial Stability Board (FSB) in the previous week.
“We welcome updates provided by the FSB and the SSBs and look forward to their further work to monitor the potential risks of crypto-assets, and to assess multilateral responses as needed” noted the G20.
With most of the member nations still contemplating the regulations and dynamics of crypto assets, a final decision on G20 forum could leave a roadmap for the member nations and others to follow.