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
El Salvador created a Bitcoin trust for currency exchange
The trust will allow local entrepreneurs to instantly convert bitcoins into US dollars.
Virgil Griffith, accused of collaborating with North Korea, pleads guilty
Virgil Griffith, a 38-year-old Ethereum developer, pleaded guilty to violating US sanctions law.
