Fintech

G20 recognize benefits of crypto assets for global economy

Finance ministers from the G20 group of nations which met recently in Fukuoka, Japan, have unanimously recognized the potential and benefits of crypto assets. The ministers issued a joint statement reading:

“Technological innovations, including those underlying crypto-assets, can deliver significant benefits to the financial system and the broader economy.“

The G20 nations have pledged to remain vigilant to safeguard consumers and promote a healthy global financial environment. To do so, they will align with the standards set by the Financial Action Task Force (FATF), an intergovernmental organization founded in 1989 on the initiative of the G7 to develop policies to combat money laundering and terrorism financing. According to the FATF Recommendations, in addition to keeping client records, it will be mandatory for exchanges and other service providers to share information about their clients when transferring funds.

The G20 also addressed the issue of security, emphasizing the necessity to enhance cybersecurity measures as well as identify solid recovery protocols from cyber attacks.

External link: FATF Recommendations