The Financial Action Task Force has kicked off its meeting to discuss global cryptocurrency regulations which the G20 countries have committed to follow. Meanwhile, the crypto industry has raised concerns regarding some recommendations, and a meeting has been set up to coincide with the G20 summit to influence policymakers.
Plenary to Discuss Crypto Regulations
The Financial Action Task Force (FATF), the global standard-setting body in areas such as combating money laundering, kicked off its plenary week Sunday. “For the first time under the FATF’s new, open-ended mandate, representatives from the 205 members of the FATF Global Network, the IMF, UN, World Bank and others will meet for FATF Week in Orlando, Florida,” the FATF elaborated:
During six days of meetings, they will discuss a range of important issues, focused on protecting the integrity of the financial system and contributing to global safety and security. This includes further progress in the regulation of virtual assets, with strong support from the G20.
A Financial Action Task Force meeting.
The first topic of discussion listed is the long-awaited “Interpretive Note and Guidance on Virtual Assets.” Also on the agenda is “The FATF report to G20 leaders.” The FATF has also confirmed that its president will give a press briefing on the outcomes of the discussions on June 21.
At the G20 Finance Ministers and Central Bank Governors Meeting in the Japanese city of Fukuoka on June 8-9, the G20 countries issued a joint statement regarding crypto assets. Noting that “Technological innovations, including those underlying crypto assets, can deliver significant benefits to the financial system and the broader economy,” their statement reads:
While crypto-assets do not pose a threat to global financial stability at this point,