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G20 Leaders Pledge Crypto-Asset Regulation After Buenos Aires Meeting
G20 leaders declared that they would regulate crypto to mitigate financial crimes in a statement after this weekend's summit.
By Nikhilesh De
Updated Sep 13, 2021, 8:38 a.m. Published Dec 3, 2018, 5:00 p.m.
Leaders from the Group of 20 nations reiterated their pledge to regulate "crypto-assets" as part of a communique released Sunday after a meeting in Buenos Aires.
In a declaration titled "Building consensus for fair and sustainable development," the G20 participants committed to a number of measures to help grow the global economy. As in past meetings of group members, the document highlighted cryptocurrencies as one area in need of greater regulation.
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"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," the document stated.
The pledge came amid a broader section on building "an open and resilient financial system," which the document noted "is crucial to support sustainable growth," stating:
"We will continue to monitor and, if necessary, tackle emerging risks and vulnerabilities in the financial system; and, through continued regulatory and supervisory cooperation, address fragmentation. We look forward to continued progress on achieving resilient non-bank financial intermediation."
Moreover, the statement said members will work to realize the potential benefits of applying technology to the financial sector, as part of this push.
The group's latest statement is a continuation of its ongoing look into the crypto space. G20 finance ministers announced they would be looking for specific regulations after calls from France, Germany, the U.S. and Japan this past March.
While a document from July indicated that the group was eyeing an October deadline for reviewing a document on AML standards for crypto, it is unclear whether they have done so.
G20 banners image via Alexandr Vorobev / Shutterstock
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