will continue to receive a broadly hands-off approach from the until at least October, a meeting of the forum July 21-22.
A summary of interim decisions made by the dedicated Finance Ministers & Central Bank Governors (FATF) group sees any hard-and-fast regulatory steps regarding cryptoassets remain absent.
The results follow a four-month consultation period which FATF enacted during a in March. At the time, representatives said they were obliged to create what they called “very specific recommendations” for how to approach the cryptocurrency sphere at international level.
In the intervening months, however, it appears that position has considerably softened.
“[W]e ask the FATF to clarify in October 2018 how its standards apply to crypto-assets,” the summary requests.
In brief comments about the general mood towards cryptocurrency, the G20 adopts a similarly balanced view, stating the technology contains both “benefits” and “risks.”
“Technological innovations, including those underlying crypto-assets, can deliver significant benefits to the financial system and the broader economy,” the document continues:
“Crypto-assets do, however, raise issues with respect to consumer and investor protection, market integrity, tax evasion, money laundering and terrorist financing.”
Such vocabulary echoes the angle that emerged from G20 activities throughout the year, and also represents more recent comments from constituent participants such as the . Earlier this month, a government report under finance minister Bruno Le Maire, who had for the G20 to debate cryptocurrency, likewise direct regulation.
Published at Mon, 23 Jul 2018 11:07:00 +0000
bitcoin Regulation
