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Considering regulation of personal trading of virtual currency
It turned out that the G7 (7 advanced countries) intends to request the Financial Action Task Force (FATF) to consider developing regulations for interpersonal transactions of crypto assets (virtual currencies). The Nikkei Shimbun reported on Nov.
The purpose is to expand regulations not only between exchanges but also between individuals for the purpose of anti-money laundering (AML) and combating the financing of terrorism (CFT). At the meeting of finance ministers and central bank governors to be held from the 11th, FATF will be requested to verify the issues and countermeasures.
It has long been a challenge to improve the effectiveness of regulations on inter-personal transactions of virtual currencies. After making this request, the FATF will consider specific regulations.
Blockchain is not only anonymous but also highly transparent, and various analysis tools have been developed so far. The move has led to speculation that the introduction of such tools will eventually become a necessity.
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What is FATF
An abbreviation of “Financial Action Task Force”, an international organization that supervises AML and CFT. Although the rules and recommendations it presents are not legally binding, they carry out examinations of member countries and publish a list of non-cooperating countries in AML and CFT, so they have a great influence.
Cryptocurrency Glossary
G7 initiatives
The next G7 Summit will be held in Hiroshima from the 19th, and the chair country will be Japan. The finance ministers and central bank governors meeting reported this time will be held ahead of the G7 summit.
connection: G7 to study support measures for developing countries to introduce CBDC
It was reported in March that the G7 was expected to discuss tightening regulations on cryptocurrencies in preparation for the Finance Ministers and Central Bank Governors Meeting. The G7 will issue a joint declaration on how to respond amid concerns over the potential risks posed by cryptocurrencies to the global financial system, according to Kyodo news sources. In particular, it aims to increase transparency and consumer protection in the cryptocurrency business.
connection: G7 discusses tightening regulation of virtual currency = report
The report also revealed that the regulation of person-to-person transactions was being discussed.
The post G7 to request FATF to review regulations on private transactions of virtual currencies = Nikkei appeared first on Our Bitcoin News.
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