G20 member country representatives gathered in Buenos Aires last weekend (Nov 30 Dec 1) to discuss global issues and sustainable development. Among the issues discussed was how to develop an international approach to regulating cryptocurrencies and other digital assets.
The statement entitled “G20 Leaders’ declaration Building consensus for fair and sustainable development”, posted on the G20 website following the summit, appeared positive about the emerging cryptoasset industry.
G20 participants have agreed to develop a unified approach to crypto regulation in compliance with the standards of the Financial Action Task Force (FATF).
“An open and resilient financial system, grounded in agreed international standards, is crucial to support sustainable growth… We will continue to monitor and, if necessary, tackle emerging risks and vulnerabilities in the financial system; and, through continued regulatory and supervisory cooperation, address fragmentation. We look forward to continued progress on achieving resilient non-bank financial intermediation,” read the G20 statement.
“We will step up efforts to ensure that the potential benefits of technology in the financial sector can be realized while risks are mitigated. We will regulate crypto-assets for anti-money laundering and countering the financing of terrorism in line with FATF standards and we will consider other responses as needed.” it continued.
This cautious but positive approach to the emerging cryptoasset sector is in keeping with the G20s statements following a meeting in July, where it declared that cryptocurrencies do not pose a threat to the global financial system.
G20 leaders at the Buenos Aires meeting also addressed the future implementation of taxation measures for cryptocurrencies, stating: “We will seek solutions for the international taxation issue accompanying the digitization of the economy and will continue to collaborate.”
Whether you are a founder gearing-up for an ICO, a token-buyer or a crypto currency trader, subscribe to our newsletter to be informed of the latest legal developments impacting blockchain & cryptocurrencies in each and every jurisdiction