G20 Finance Ministers & Central Bank Governors Asks FSB To Monitor Risks Around Crypto Assets.

G20 Finance Ministers & Central Bank Governors Asks FSB To Monitor Risks Around Crypto Assets.

2019-06-10 | Mike Hallen

G20 Finance Ministers & Central Bank Governors Asks FSB To Monitor Risks Around Crypto Assets.

G20 finance ministers and the governors of central bank have asked the FSB [Financial Stability Board] and international standard-setting organizations to observe risks around 'crypto' assets. The request was made within an exceeding 'joint report' published on the official web-site of Japan’s Ministry of Finance earlier today on 9th June, following the G20 'meeting' held in Fukuoka, Japan.

The leaders that cosigned the document added that they urge relevant establishments to offer greater considerations to cryptocurrency assets and take into account appropriate actions:

“We ask the FSB and formal standard setting bodies to monitor risks and take into account work on additional multilateral responses as required.”

The joint statement conjointly outlined that “technological innovations, together with those underlying cryptocurrency-assets, can deliver vital benefits to the financial system along with the broader economy.” This precise sentence was conjointly enclosed within the document published after the G20 summit held earlier in the month of July, last year. After expressing such optimism, the authors of the paper also raised considerations over those technologies:

“While cryptocurrency assets don't cause a threat to international financial stability for now, we remain vigilant to risks, together with those associated with users and capitalist protection, AML [Anti-Money Laundering] and countering the terrorism funding.”

The new statement adds that the involved parties forestall to the adoption of the FATF [Financial Action Task Force] Interpretive Note along with 'guidance' on crypto assets “at its [FATF’s] plenary later this month.” The leaders conjointly state that they affirm their commitment to applying the recently amended FATF standards for crypto assets.

The document additionally added that the finance ministers and the governors of central bank welcome work regarding crypto administered by international regulatory bodies, the international organisation of Securities Commissions as well as the FSB.

Just yesterday, blockchain analysis firm Chainalysis, that has “engaged directly with international regulators,” outlined that it might be surprising if the concerned parties agree on something new during the G20 summit, this year.

Also in April, Japanese media 'revealed' that within the meeting of central bank governors & finance ministers in Fukuoka, leaders were expected to ascertain new AML rules.

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