G20 countries have reached a decision to regulate cryptocurrencies in accordance with the anti-money laundering (AML) standards established by the Financial Action Task Force (FATF). The decision was made on December 1 at the second session of G20 Summit held in Buenos Aires, Argentina.
The document acknowledges that “necessary reform” is required given the blistering pace of the “digitalization” of the global economy.
“We will regulate crypto-assets for anti-money laundering and countering the financing of terrorism in line with FATF standards and we will consider other responses as needed,” – Section 25 of the official declaration reads.
Back in June, the FATF informed its member countries of the main risks and negative trends associated with the cryptocurrency industry, drawing particular attention to criminal use of crypto, cryptocurrency-related cyberattacks and surge of hidden mining.
In October, Russian presidential advisor on digital and technological development Dmitry Peskov stated that cryptocurrencies should be regulated jointly with the FATF.