Dow Edges Higher While G20 Leaders Mull Sweeping Crypto Rules
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G20 Ministers Discuss Crypto Benefits, Commit to Risk-focused Vigilance
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By CCN Markets: Global finance ministers and central bankers reconfirmed their multilateral support of crypto-industry regulations on the weekend in Japan. They were attending the G20 Finance Summit ahead of the Leaders' Summit in late June. There were no surprises for the crypto-currency markets in the Communique sent out by Japan's Minister of Finance on Sunday. The 14-point document reflects...
Japan Leads G20 Nations' Plot of a Global Cryptocurrency Exchange Register
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By CCN: The hurdles of using crypto in money laundering are set to increase if plans by G20 countries materialize. Per Nikkei Asian Review, G20 countries are working on a deal aimed at creating a cryptocurrency exchange registry. The world's most powerful economies hope the move will seal a loophole money launderers have exploited since the inception of bitcoin and other cryptocurrencies. The...
Japan Targets Bitcoin Exchanges for Money Laundering as G20 Looms
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By CCN: Japan's financial regulators are considering enacting new rules aimed at bitcoin exchanges as it steps up anti-money laundering countermeasures. This issue will also be raised at the forthcoming G20 Summit, which takes place in Osaka on June 28 and 29. Specifically, the Financial Services Agency (FSA) is targeting crypto exchanges that don't adequately confirm their clients' identities or...
G20 Agrees to Regulate Crypto, But is This Good or Bad for the Market?
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The G20, an international forum for the governments and central bank governors from the world’s 20 largest economies, has decided to regulate the crypto sector. A declaration released by the forum read: “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.” What Impact Could...
G20 Countries to Regulate Cryptocurrencies in Line with FATF Standards
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The G20 Countries have signed a joint declaration in Buenos Aires, where it promises to regulate cryptocurrencies and combat its use for money laundering and the financing of terrorism in line with the Financial Action Task Force (FATF) standards, per a Saudi Gazette report. Section 25 of the declaration signed by the forum reads: "We will regulate crypto-assets for anti-money laundering and...
G20 Nations Seek Cryptocurrency AML Regulation Standards by October 2018
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The world’s biggest economies are now eyeing a definitive plan to apply anti-money laundering (AML) regulatory standards for the cryptocurrency sector by October this year. The Group of Twenty (G20) forum – a group of finance ministers and central bank governors from the EU and 19 of the world’s largest economies – has reiterated its intent to bring the cryptocurrency sector under the purview of...
G20 Watchdog Develops ‘Vigilant’ Cryptocurrency Monitoring Framework
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The Financial Stability Board (FSB), an international body tasked to monitor the global financial system while coordinating regulation for G20 nations, has published a new framework for monitoring cryptocurrency assets. With an announcement on Monday, the FSB published its report and revealed its standardized framework delivered to G20 finance ministers and central bank governors ahead of their...
South Korea to Loosen Crypto Rules in Cooperation With G20 Directive
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South Korea, a country that has banned ICOs, plans to loosen restrictions on cryptocurrencies based on efforts by G20 to create uniform regulations, according to The Korea Times. The G20 meeting established a July deadline for taking a first step on “unified regulations.” The recent announcement from South Korea is part of a loosening of restrictions on cryptocurrencies as the digital assets...
Money Laundering Watchdog Eyes Global ‘Binding Rules’ for Cryptocurrency Exchanges
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The Financial Action Task Force (FATF), an international group of 37 nations combating money laundering and terrorism financing, is reportedly preparing global binding rules for cryptocurrency exchanges. Citing an unnamed Japanese government official affiliated with the matter, Reuters is reporting that the international organization will begin discussions on June 24 toward introducing binding...
Cryptocurrency Regulation Back on G20 Agenda in Washington Meet Today
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The G20, the group of the world's 20 largest economies, had begun discussions this year to build a regulatory plan for the cryptocurrency market and those talks are set to continue this week. CCN, in partnership with Criptomoedas Fácil, was the only specialized press from the crypto/blockchain industry present at the event in Buenos Aires and closely followed all related discussions in...
10 Takeaways: A Cryptocurrency Summary from G20
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Last week, the G20, the group of the world's 20 largest economies, took place in Buenos Aires, Argentina. The regulation of cryptocurrency was among the main topics debated by the multilateral group. The importance of everything that has been discussed in Argentina can impact the crypto market around the world. The main message was: We will not ban, but regulate the market. A very positive news...
France’s Finance Minister Plans ICO Regulations in Bid to Attract Crypto Startups
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According to a recently published opinion piece, France’s finance minister Bruno Le Maire revealed that the country plans on creating a legal framework for initial coin offerings (ICOs) in a bid to become a leading ICO hub. In the opinion piece, published on French website Numerama, Le Maire claims he asked former central bank official Jean-Pierre Landau to draft a proposal for a legislative...
French Minister Bruno Le Marie Highlights Importance of Bitcoin and Cryptocurrencies
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During this week’s G20 summit in Buenos Aires, Argentina, France’s minister of Finance Bruno Le Maire highlighted the importance bitcoin and cryptocurrencies may have in the world’s economy. Le Maire pointed out that France, along with Germany, called for cryptocurrencies to placed on G20’s agenda. The minister revealed that France will start working on cryptocurrency regulations before the rest...
The EU Won’t Wait for Global Agreement on Cryptocurrencies: Spain's Economy Minister
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During the G20 summit, the Spanish Minister of Economy, Industry and Competitiveness, Román Escolano Olivares, revealed that he doesn’t see cryptocurrencies as a threat to the global financial system and that the European Union (EU) may not wait for a globally coordinated effort to regulate cryptos. Speaking on the sidelines of the ongoing summit, the minister pointed to two fundamental issues...
Official: G20 Calls for Cryptocurrency Regulation Recommendations by July 2018
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The world’s economic leaders gathered in Buenos Aires, Argentina for the G20 summit, and sought for proposals of cryptocurrency regulations to come by July 2018 according to the G20 communique. The document backs the words of Frederico Sturzenegger, Argentina’s Central Bank chief, who noted cryptocurrencies need to be examined. Having seen the document, CCN can confirm that rumblings of...
Bitcoin Price Holds Above $8,500 as Market Fights to Cement Recovery
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The Bitcoin price held above $8,500 on Tuesday as the market fought to cement yesterday's widespread recovery. On Monday, the cryptocurrency market cap swelled by $45 billion, with virtually every top-tier cryptocurrency experiencing a double-digit percentage advance against the US dollar. The market ebbed from its intraday high leading into Tuesday morning, but it is still valued at $326...
Ripple Price Headlines $45 Billion Market Rally as G20 Fears Subside
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The Bitcoin and Ripple prices headlined a $45 billion cryptocurrency market rally that appeared to be predicated on optimism that this year's G20 summit will not produce an international framework on cryptocurrency regulations. Bitcoin, Ripple Prices Leads $45 Billion Cryptocurrency Market Rally Monday brought a welcome respite for cryptocurrency investors, as the markets demonstrated a buoyancy...
Cryptos Don’t Pose Risks to Global Financial Stability: FSB’s Carney Tells G20
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The Financial Stability Board (FSB), an international body that monitors the global financial system to promote stability and coordinates financial regulation for G20 nations has dismissed calls from some G20 members to regulate cryptocurrencies like bitcoin. In a letter [PPDF] sent to G20 finance ministers and central bank governors on the eve of this year’s G20 summit in Argentina, FSB chairman...
Japan to Urge G20 Nations to Prevent Cryptocurrency in Money Laundering
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Japan plans to urge its G20 counterparts next week to strengthen efforts to prevent cryptocurrencies from being used for money laundering, according to a government official, Reuters reported. However, the likelihood of the G20 finance leaders to agree on specific global rules and discuss them in a joint communique are low, considering the differences in each country’s approach, the official said...
French, German Finance Officials Call for Global Crackdown On Cryptocurrency
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German and French finance officials want the G20, an international group of financial officials, to take action to prevent cryptocurrencies from undermining global financial stability and creating risks for investors, according to a recent letter to G20 members. The officials – Bruno Le Maire, France’s Minister of the Economy; Peter Altmaier, acting German Finance Minister; Francois Villeroy De...
G20: Blockchain Essential to Build Inclusive Transparent Digital Economy for All
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Blockchain holds the key to building an inclusive digital economy that is secure and transparent for the globe’s citizens, according to a new G20 report. Published last week, but updated earlier this week, the report details how the blockchain can play a vital role in improving economic resilience as ‘governments fight to restore the public’s faith in cross-border economic cooperation.’ Julie...
Bank of England Governor: Fintech Brings Great Promise and Risks
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Fintech is democratizing financial services, creating new benefits for businesses and consumers, but also posing new risks, Mark Carney, governor of the Bank of England and chair of the Financial Stability Board (FSM), told the Deutsche Bundesbank G20 conference on “Digitizing finance, financial inclusion and financial literacy” in Wiesbaden, Germany. As the risks emerge, government regulators...
European Parliament Proposes a Task Force for Virtual Currencies, Citing Opportunity and Challenges
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The European Parliament’s Committee on Economic and Monetary Affairs (ECON) issued a motion for a European Parliament resolution on virtual currencies that covers numerous regulatory proposals. The motion summarizes the risks and opportunities of distributed ledger technology (DLT) and virtual currencies. It notes that both have the potential to benefit consumer welfare and economic development...
Another Recession Could Be on the Way, Warns Cameron
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The world may be headed for another recession just six years after barely coming out of the last one. That is according to British Prime Minister David Cameron. In an article, he wrote for the Guardian newspaper Mr Cameron warned that "red warning lights were flashing on the dashboard of the global economy in a manner similar to the financial crash that happened in 2008." His warning comes in the...