State Heads at G20 sign off on FATF guidelines for crypto asset exchanges
The G20 meeting this year concerned itself directly with crypto assets, greeting the proposed guidelines by the Financial Action Task Force (FATF), an international body concerning itself with matters of financial regulation. In its official statement, the G20 leaders called for action regarding digital assets and financial technology.
“While crypto-assets do not pose a threat to global financial stability at this point, we are closely monitoring developments and remain vigilant to existing and emerging risks,” pointed out the official statement of the G20 meeting. The next step for leading economies would be to adopt the approach of the recent FATF set of guidelines, and apply it to cases of handling, trading, transfering, or storing digital assets.
“We reaffirm our commitment to applying the recently amended FATF Standards to virtual assets and related providers for anti-money laundering and countering the financing of terrorism. We welcome the adoption of the Financial Action Task Force (FATF) Interpretive Note and Guidance.”
The FATF document suggested a series of measures, including the registration of virtual asset entities, which may include exchanges, brokerages, or anyone handling digital coins for third parties. The document also calls for monitoring countries and territories that may originate risk regarding money laundering or terrorist financing.