Forthcoming G20 Summit to Discuss Global Crypto Regulation
March 13, 2018
Japan plans convincing its international partners of taking more profound measures in struggle against money laundering via cryptocurrencies at the future G20 Summit, as the country’s official in the know told Reuters.
Yet these attempts are unlikely to succeed and result into joint global regulation as approaches towards crypto issues the participating countries take vary significantly.
“Discussions will focus on anti-money laundering steps and consumer protection, rather than how cryptocurrency trading could affect the banking system. The general feeling among the G20 members is that applying too stringent regulations won’t be good”, another official in the know noted.
Finance ministers and central bank governors of the G20 countries are to meet on March 19-20 in Buenos Aires with cryptocurrencies being the agenda. As for the G20 Summit it will be held there from November 30 to December 1.
Japan’s authorities are concerned, some large countries have got more favorable legislations which provides loopholes for money laundering with cryptocurrencies despite the general opinion the industry needs regulation.
Japan turned the first country to put cryptocurrency trading under control at the state level granting licenses for all local crypto exchanges. The steps did not prevent the Japanese Coincheck exchange to be hacked and hijacked for $534 mln.
Remember, the idea of international cryptocurrency regulation has already been suggested by financial watchdogs in other countries. Last year French Minister of the Economy Bruno Le Maire suggested establishing common cryptocurrency legislation in the EU. The concept was supported by the German Ministry of Finance.