Just recently the outcome of the G20 summit in Osaka, Japan, has set in – cryptocurrencies are officially regulated by the G20. The G20 officials have agreed on applying the FATF guidelines to, mostly, cryptocurrency exchanges.
Many financial experts believe that the G20 summit, which recently ended in Osaka, Japan, should bring a multilateral decision on cryptocurrency regulation. The cryptocurrency market is proving that it is here to stay by growing almost +150% only this year.
Following June 9 G20 meeting in Fukuoka, Japan, the G20 finance ministers, and central bank governors filed a request with the Financial Stability Board (FSB) to monitor cryptoassets-associated risks.
India is likely to soften its stand on cryptocurrencies while giving them legal status but under strict regulatory measures.
Despite high-ranking government officials still speak about cryptocurrencies very cautiously, the fact that crypto-summits take place and officials are following crypto-market developments shows the potential for widespread crypto adoption.
G20 member countries held a summit devoted to digital assets. Currently, they are looking at an October deadline for reviewing a global anti-money laundering (AML) standard on cryptocurrency.
The FSC revised its rules to apply strengthened policies in order to prevent or detect money laundering and illegal activities because they aren’t opposed to cryptocurrencies.
Having rather strict cryptocurrency policies, the government of South Korea took a decision to soften them and create more crypto-friendly regulation.
South Korea’s taxation ministry is planning to introduce taxes on cryptocurrency and include them in the tax plan. The issue is to be solved in June this year.
The world’s economic leaders agreed to monitor the industry and to develop regulation proposals but no serious actions will be taken in the near future.