The Big Twenty (G20) at an international forum for governments from 19 countries and the EU officially endorsed the new rules for the regulation of the crypto industry set by the Financial Action Task Force on Money Laundering (FATF).
In particular, the G20 position on virtual assets was announced at the summit. The official statement read:
We reaffirm our commitment to applying the recently amended FATF Standards to virtual assets and their associated suppliers to combat money laundering and counter terrorist financing.
Recall that on June 21, FATF published its final guidelines on the regulation and control of the cryptocurrency market, which require exchanges to collect and transfer information about customers. Now cryptocurrency companies will be required to disclose data such as the sender’s name, his account number and location, as well as the recipient’s name and the recipient’s account number.
In turn, representatives of companies such as Circle, Coinbase and Chainalysis noted that adhering to the FATF guidelines on a global scale can be costly and will require unprecedented global cooperation.
Representatives of the twenty also said that they are closely following the development of the cryptocurrency industry and are trying to carefully analyze all the risks. However, as noted during the summit, currently crypto assets do not pose a threat to global financial stability.