G20 Summit: We Will Regulate Cryptocurrencies ‘In Line with FATF Standards’

G20 countries have agreed to regulate cryptocurrencies in line with Financial Action Task Force (FATF) standards at the second session of the summit held in Buenos Aires, Argentina.

‘We will regulate crypto-assets for anti-money laundering’

On Saturday, a joint declaration was officially signed by all G20 nations, reports The Saudi Gazette. The document acknowledges that “necessary reform” is required given the blistering pace of the “digitalization” of the global economy.

In relation to cryptocurrencies or “crypto-assets” as they are referred to in the document, the G20 has agreed to a regulatory approach in line with FATF standards. Section 25 of the official declaration reads:

We will regulate crypto-assets for anti-money laundering and countering the financing of terrorism in line with FATF standards and we will consider other responses as needed.

In addition, the countries will work together and monitor the digitization of the global economy that’s happening…