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G20 To Take Measures Against Money Laundering In Crypto Sphere

11:51 08/04/2019
G20 Plans To Deanonymize Crypto Transactions

Representatives of the G20 countries will discuss the regulation of the crypto industry at the global level this summer. In particular, G20 participants will agree on countering money laundering using digital currencies, Kyodo reports.


G20 intends to take new measures to regulate the industry, namely, to cancel the anonymity of blockchain transactions and to establish stricter rules regarding the identification of the users who make transactions with cryptocurrencies. Thus, the G20 hopes to make money circulation more transparent.


The event will focus on creating a legal system that can prevent money laundering and the support of terrorism through digital currencies.


The meeting will be held on June 8-9, 2019 in the city of Fukuoka in southwest Japan. It is noted that finance ministers and heads of central banks of G20 member states will take part in it.


In July 2018, the heads of financial departments and central banks of the G20 countries signed a document on the development of common standards aimed at countering money laundering in the crypto sphere. Back then the participants of the event stressed that cryptocurrency is not a threat to the global economy, but they still need to be careful.


Moreover, at the end of last year, the G20 leaders agreed to regulate crypto assets as part of a financial reform aimed at supporting economic growth. The states have promised to develop an effective system of taxes that representatives of the crypto business will have to pay as well.


Earlier, the SEC has published instructions for determining the legal status of tokens.

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