G20 to Setup Crypto AML & Counter-Terrorism Financing Regulations in June

Japanese media outlet Kyodo has reported that G20 nations will meet in Fukuoka on June 8 and 9 and debate global cryptocurrency Anti-Money Laundering (AML) regulation.

According to the report, in line with official schedule, central bank governors and finance ministers will take part in the G20 meeting. The event will concentrate on setting up a framework to fight terrorist funding and money laundering using cryptocurrencies.

In addition, Kyodo has reported that the countries are on the verge of arriving at an agreement over new rules and guidelines in this meeting. The primary objective of the rules would be to prevent anonymity. Specifically, the group is supposedly looking to put in place better identification system to track people who deal in cryptos on a real time basis in order to map the asset flow in a transparent manner.

Back in December 2018, the G20 nations proposed a “taxation system for cross-border electronic payment services” in addition to rules to fight money laundering. At that time, member nations, which met in Argentina, planned to look at the issue during this year’s meeting “when Japan will be the president of the summit.”

Last month, the founder and CEO of UK-based digital banking app Revolut openly refuted accusations of a money laundering related infringement and slackness by the firm.