Buenos Aires is hosting the G20 summit this week, where finance ministers and central bankers from around the world will discuss new regulations on cryptocurrencies.
Thomas Hulme, a lawyer at London-based law firm Mackrell Turner Garrett, believes policymakers will debate how digital currencies could facilitate money laundering and other criminal activity.
The UK's Financial Conduct Authority's (FCA) recent decision on issuance of a license to the American cryptocurrency exchange Coinbase. The FCA's e-money license to Coinbase is proof that the business can meet certain anti-money laundering and information handling standards.
“Last month, actions by some regulators indicated that cryptocurrency and blockchain technology could be used for positive and productive purposes as well as for illegal activities,” said Thomas Hulme.
Michael Harris, director of financial crime at Lexis Nexis Risk Solutions, believes that regulating cryptocurrencies will raise many challenges and “there will likely be regulatory differences across the G20, as well as outside the G20.”
“Governments will be looking for a way to harmonizing regulation to the greatest extent possible. Unless regulation is uniform and consistent internationally, it will be difficult for companies to combat the risks of financial crime associated with large clients' investments in cryptocurrency,” says Michael Haris.
According to http://www.cityam.com
You May Also Like
European regulators call for ban on PoW mining
Regulators are concerned about the negative impact of mining on the environment.
The IMF proposes a plan for international regulation of the crypto industry
The International Monetary Fund (IMF) has recognized the economic value of cryptocurrency innovation and the urgent need for clear rules to regulate the industry.
