G20 decides to regulate the crypto sector

Tuesday 4 December 2018 11:47 CET | News

A declaration released by G20, the international forum for the governments and central bank governors, has suggested that it decided to regulate the crypto sector.

The declaration read that they will regulate crypto-assets for anti-money laundering, as well as counter the financing of terrorism in line with FATF standards.

The G20 has maintained an open-minded stance towards cryptocurrency regulation, as it wanted to provide a healthy ecosystem for both startups and established companies. Regulators can facilitate the growth of cryptocurrency companies, especially exchanges that require fiat on-ramps, by providing seamless access to legacy systems and banking services.

The forum’s intent is to help crypto create an open and resilient financial system and emphasize that it is important to support sustainable growth. As such, the government of South Korea recently permitted banks to work with cryptocurrency exchanges, and provided a green light for financial institutions to offer virtual bank accounts to digital asset trading platforms.

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Keywords: G20, cryptocurrency, regulation, banks, exchanges, AML, South Korea, virtual bank
Countries: World