At the G20 summit will discuss a joint approach to the regulation of the cryptocurrency market
At the meeting of the countries of the Big twenty (G20) Japan will urge its partners to prevent the use of cryptocurrencies in money laundering. About it to Agency Reuters said a government official having access to insider information.
But, in his opinion, the likelihood that the financial leaders of the Big twenty will agree to accept global rules and mentioned in the joint communiqué, small. This will prevent differences in the approach of each country. His reasoning was confirmed by another official participating in the meetings of the representatives of the Big twenty.
Another official said:
The discussions will be the subject of combating money laundering and consumer protection, not a question about how cryptocurrency trading could affect the banking system. In General, the participants of the group of twenty feel that overly rigid restrictive measures are not good.
The meeting of Finance Ministers and state banks of Twenty countries held in Buenos Aires on 19-20 March. Among the topics to be discussed, there will be cryptocurrencies.
The participants of the meeting will be the members of the Group of development of financial measures of struggle against money-laundering (FATF). Organization established by the industrialized powers of the group of seven, has 37 member countries and aims at fighting crimes in the financial sector. The organization's representatives will introduce the partners of the Big twenty with their achievements and discoveries in the field of combating the use of cryptocurrency in money laundering.
According to the official, the insider, Japanese politicians believe that, despite the consensus among the participants of the Big twenty about the need of restrictive measures, regulation in some countries less efficient than similar regulations from the neighbors, which leaves loopholes for money laundering.
Japan became the first country to introduce a single system of oversight of cryptocurrency trading. This year, after the criminals kidnapped the exchange Coincheck $530 million, several trading platforms have undergone inspection.
France and Germany intend to put forward a joint proposal to regulate the cryptocurrency market. According to the head of service of financial supervision of the European Union, a short-term strategy may be to focus on implementation of laws against money laundering and financing of terrorism, to familiarize the consumers with the risks of cryptocurrency trading, and advise banks to refrain from transactions with digital money.
According to Japanese officials, it will be difficult to apply restrictions aimed at protecting consumers and preventing crimes, without disturbing the development of the dynamically growing sectors of the cryptocurrency and financial technology.