The G20 creates regulation for cryptocurrencies

The nations of the G20 reaffirmed their support for the Financial Action Task Force (FATF), the body in charge of establishing global standards with respect to the cryptographic ecosystem.

The Financial Action Task Force met in Austria in early May for its annual private sector advisory forum and discussions focused on mapping services related to cryptocurrencies and other related business models.

Previously, during the month of April, the group had outlined the guidelines for their work with the purpose of establishing common standards for digital currencies. They also promised to continue updating the guidelines to help jurisdictions and the private sector adopt a risk control approach.

In particular, the organization focuses on the common regulation of service providers related to virtual assets, including supervision and monitoring. Russia is one of the G20 countries that seems to be most interested in this regulatory framework.

It is worth noting that there is a risk that the standards, if they are not specifically designed to adapt to the new system based on paradigms different from the traditional ones, may not be technically applicable, putting at stake both the cryptographic companies and the unsuspecting ones. That is why there are plenty of doubts and rumors on the topic.

L.Sáenz

Source: Criptoinforme