Led By Japan, G20 Countries To Discuss The Need For A Registry Devoted To Crypto Services Providers
As previously reported by Bitcoin Exchange Guide (BEG), the G20 countries are expected to meet up on June 28, 2019, to discuss crypto regulation, how each country has been dealing with it, along with possible ways to promote growth within the industry while limiting money laundering activities and financing for terrorist acts.
Several news outlets have shared recent updates regarding moves that the G20 countries have been making in preparing for the meeting. As per Nikkei Asian Review, said countries have planned to create a registry for crypto exchanges – one approach to regulation. This is being implemented to prevent money-laundering activities.
Prior to the official meeting, the need for said registry and how it will contribute towards consumer and investor protection, digital currencies as a whole and others are said to be discussed on June 8 and 9, 2019 in Fukuoka city in Japan.
Given the fact that Japan is hosting this year’s G20 meeting and their prior successes in implementing regulations to avoid and capture hackers, this meeting will definitely be an advantage for themselves, as it will help them educate other countries on said matters reports CCN.
CCN noted that last month, the G20 countries were provided with a ‘directory of the regulatory and supervisory mandates of authorities in FSB (Financial Stability Board) member jurisdictions’, which, as previously mentioned, expounds on crypto assets. This is the time in which the FSB noted that any firms offering crypto services, “should be licensed or registered and subject to monitoring to ensure compliance.”
In addition to Japan’s expertise and lessons learned from the numerous hacks encountered, input from countries like South Korea and Japan are also expected to come of significant help, as both countries’ currencies have been highly used in Bitcoin purchases. A previous BEG post revealed that South Korea has witnessed increasing trends in Bitcoin volumes from around 2015 onwards, and this is impressive considering the 2018 bear market.
Japan’s Financial Services Agency (FSA) has opened invitations for all media representatives to register in order to cover the G20 Financial Ministers and Central Bank Governors Meeting (FMCBG), as they will be provided with the necessary accreditation. The submission deadline has been set as Friday, June 7, 2019 by 11:59 PM (JST). Click here for more information.
This meeting will definitely provide food for thought, as different countries deal with crypto assets differently. While some are welcoming its like with open arms, others have shut it down completely by increasing barriers to entry, not to mention a couple of countries that have encountered the worst but have since overcome its effects.