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G20: “Crypto-assets do not at this point pose a global financial stability risk, but we remain vigilant”

G20 member countries are now looking at an October deadline for reviewing a global anti-money laundering (AML) standard on cryptocurrency.

A statement issued on Sunday, July 22, shows that finance ministers and central bank governors of the G20 member countries hosted a meeting from 21 to 22 July 2018, in Buenos Aires, Argentina, and reiterated their position on a plan for “vigilant” monitoring of cryptocurrencies.

The member countries called on the Financial Action Task Force (FATF) – an intergovernmental body formed to fight money laundering and terrorist financing – to clarify how its existing AML standards can apply to cryptocurrency within 3 months.

“While crypto-assets do not at this point pose a global financial stability risk, we remain vigilant. We reiterate our March commitments related to the implementation of the FATF standards and we ask the FATF to clarify in October 2018 how its standards apply to crypto-assets,” – member countries said in the document.

Last week, the Financial Stability Board (FSB), which coordinates financial regulation for the Group of 20 Economies (G20), published a framework for monitoring risks from crypto-assets.