G20 to Establish Crypto AML and Counter-Terrorism Financing Regulations in June: Report

G20 member countries will meet to discuss international cryptocurrency Anti-Money Laundering (AML) regulation on June 8 and 9 in Fukuoka, Japan. The news was revealed in a report from local news outlet Kyodo on April 4.

Per the report, and in accordance with official plans, G20 central bank governors and finance ministers will take part in the meeting. The event will be focused on establishing a framework to combat crypto-enabled money laundering and terrorism financing.

Further, according to the Kyodo, it is expected that “it was revealed” on April 4 that the countries are expected to reach an agreement over new regulations during this meeting. The report states that the main aim is anti-anonymity. Namely, the group is reportedly looking to establish stricter identification of individuals transacting in crypto at the moment of transaction, to keep asset flow transparent.

As  reported in December last year, the G20 countries have already called for “a taxation system for cross-border electronic payment services” as well as regulation to combat money laundering. It has been reported at the time that the member countries, which then gathered in Argentina, would consider the issue during this year’s meeting “when Japan will be the president of the summit.”

In March, the founder and CEO of United Kingdom-based digital banking app Revolut publicly denied allegations of a money laundering-related breach and negligence by the company.

Main, News

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