FATF recommendations on cryptocurrency regulation received G20 support

The Big Twenty (G20) supported the recently released FATF recommendations for regulating the cryptocurrency industry.

Relevant recommendations, the final version of which appeared
On June 21, they introduce a clause requiring operators of cryptocurrency services (first of all, cryptocurrency exchanges) to transfer information about customers to each other when they make transfers of funds between exchanges. At the same time, information should be transmitted not only about transfers in fiat currencies, but also about cryptocurrency transactions.

“We reaffirm our support for the recently amended FATF recommendations on the regulation of virtual assets and related operators. They should help in the fight against money laundering and countering terrorism, ”the forum representatives stressed.

Note that representatives of the cryptocurrency industry, including Circle, Coinbase and Chainalysis, believe that compliance with such recommendations will require large funds for development, as well as unprecedented collaboration of all industry participants.

Also, representatives of the G20 member countries stressed that the organization continues to “constantly monitor” developments in the cryptocurrency industry and “is attentive to existing and emerging risks.” However, according to the G20, cryptocurrency currently does not pose a threat to global financial stability.

Recall that in early June, the G20 participants called
Financial Stability Board (FSB) and regulators of countries to assess the risks associated with cryptocurrency, and the development of response measures.