Japan recently hosted the G20 summit which saw participation from nearly every finance minister and central bank governors, from around the globe, including India.
A number of resolutions were passed at the summit and one of them was about cryptocurrencies. The resolution acquiesced that while cryptocurrencies don’t pose any threat to global financial stability, the countries would keep an eye out for risks. It further stated, “We reaffirm our commitment to applying the recently amended FATF Standards to virtual assets and related providers for AML and CFT. We look forward to the adoption of the FATF Interpretive Note and Guidance by the FATF at its plenary later this month. We welcome IOSCO’s work on crypto-asset trading platforms related to consumer and investor protection and market integrity. We welcome the FSB’s directory of crypto-asset regulators, and its report on work underway, regulatory approaches and potential gaps relating to crypto-assets.”
For the uninitiated, Financial Action Task Force (on Money Laundering) (FATF) is an intergovernmental organization founded in 1989 on the initiative of the G7 to develop policies to combat money laundering. The countries that are a part of the G20 summit include, France, the United States, the United Kingdom, Germany, Japan, Italy, Canada and the European Union), as well as Argentina, Australia, Brazil, China, India, Indonesia, Mexico, the Republic of Korea, Russia, Saudi Arabia, South Africa, and Turkey.
As earlier reported by Crypto-News India, Japan had offered to share its experience with cryptocurrency guidelines with regulators belonging to other G20 countries, during the course of the summit.
This resolution will come as a source of relief to the Indian cryptocurrency community members, especially since the grim headlines that have been circulating the space since Friday. For those who didn’t know, a draft bill was circulated that reportedly said that whoever was found mining, possessing, buying , selling, deals in issue, would allegedly be subject to imprisonment for 10 years. However, the draft bill included a lot of clauses which was not shared with the community.
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