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G20 gives a nod to crypto regulation


G20 gives a nod to crypto regulation

The G20 summit is going on in Argentina where global leaders took into consideration under critical issues. One other issue that was discussed on the forum was the regulation of the cryptocurrency.

"We will be regulating crypto-assets for anti-money laundering and countering terrorism in adherence to the FATF (Financial Action Task Force) standards and will consider other responses as needed," read the declaration released by the forum.

G20 participated also showed some optimism on non-bank financial institutions and underlined the potential that the blockchain technology holds.

"We look forward to carry forward the growth and development for achieving non-bank financial intermediation. We would like to make efforts for ensuring the potential benefits of technology in the financial and banking sector which could be utilized for the benefit of the masses with least risks involved."

G20 officials have expressed their soft stance over the virtual currencies as well where they said that they will be continuing a hands-off approach towards them. A summary of interim decisions made by Finance Ministers and Central Bank governors asserted, "technological innovations,  including the cryptoassets can be delivered for incurring significant benefits for the financial system and broader economy."

Jay Clayton, US Securities and Exchange Commission (SEC) said, "What investors expect is that trading in the underlies that ETF makes sense and is free from manipulation."