G20 Could Publish Crypto Regulations This June

G20 Could Publish Crypto Regulations This June

Although some in the cryptocurrency community may not want them, global crypto regulations are coming.  Some countries have already established their own frameworks and, in an effort to create a truly uniform system, the G20 has been steadily working on regulation that would be adopted by all member nations to foster a better, more robust crypto environment.  Now, the group has announced that it will most likely have some guidelines in place by this June, only two months away.

The G20 will meet in Fukuoka, Japan on June 8 and 9.  Part of the summit will be used to discuss anti-money laundering regulations for crypto, as well as terrorism financing, and the summit is expected to see attendance by a number of central bank governors and finance ministers.  

The summit is seen as an important step for global crypto regulations, and the mayor of Fukuoka, Soichiro Takashima, stated, “In the financial sector as well, the waves of innovation are surging and the world is keeping a close watch on future developments, lending great significance to Fukuoka’s hosting of the Finance Ministers and Central Bank Governors Meeting. My fellow citizens and I are determined to make this meeting a success.”

The G20 has already started down the path of global regulations, stating this past December that it would be development guidelines that conformed with the Financial Action Task Force (FATF), a global group that creates policies for financial transactions in to reduce the chances of money laundering and terrorist financing.  The G20 said at the time, “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.”

Some have tried to argue that there is no need for crypto regulations.  However, they’re inevitable and need to be welcomed. Global regulations will help the crypto space evolve, finally allowing it to take its rightful place alongside – and eventually ahead of – fiat currencies.  In the absence of regulations, widespread adoption will be suppressed for at least another 15 years.

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