Cryptocurrencies will have to be patient as delayed regulation continues through to October 2018, confirmed in G20 Forum conference held in Buenos Aires on July 21-22.
The shift is due to some specific and exclusive recommendations which are required to launch regarding Anti Money Laundering (AML) standards declared by the staunch Finance Ministers & Central Bank Governors (FATF) group. The committee is not ready for any precipitating decision based on the fast-growing trend of virtual currency regulatory steps.
It can be considered a laissez-faire approach or an interim turn from the Group of Twenty (G20) forum – a group of finance ministers and central bank governors from the EU and 19 of the world’s largest economies to bring the criteria for safe regulation.
The overseers of G20 forum have been called up to monitor and inspect risks in the sector as well to evaluate multilateral responses by the Financial Stability Board (FSB) and other connected regulators in standard setting bodies.
Further, in a document: G20 espouses a steady interpretation and expressing the technology has both “benefits” and “risks.”
“Technological innovations, including those underlying crypto-assets, can deliver significant benefits to the financial system and the broader economy.”
“Crypto-assets do, however, raise issues with respect to consumer and investor protection, market integrity, tax evasion, money laundering and terrorist financing.”
The objective of the framework is to identify any emerging financial stability concerns in some considerate modus.
“We reiterate our March commitments related to the implementation of the FATF standards and we ask the FATF to clarify in October 2019 how its standards apply to crypto-assets.”