Japan Set Cryptocurrency Regulations
World’s most powerful economies are looking forward to meeting in Japan next month and finding a middle ground on the long running issue of Cryptocurrency and Crypto-exchanges. G-20 countries are working on a deal aimed at creating a Cryptocurrency exchange registry.
According to a report by Nikkei Asia , a registry of Crypto-exchanges will be prepared on the sidelines of the Japan G-20 Summit June 2019 . Safeguarding consumers interests will also be a crucial part of the upcoming G-20 Summit 2019 in Fukuoka, Japan. Crypto related challenges such as customer protection and money laundering will be discussed at the Japan G-20 Summit 2019.
Global Finance System monitor , The Financial Stability Board (FSB) , had last month submitted to G-20 finance ministers and Central bankers a “directory of the regulatory and supervisory mandates of authorities in FSB member jurisdiction’ with regards to Crypto assets . In Fukuoka, the FSB will also report to the G-20 on the work done to address risks posed by cryptocurrencies.
— The FSB (@FinStbBoard) April 5, 2019
For general information, the world of Cryptocurrency has often been a target for hackers , scammers, money launderers and Ponzi schemes ,which is why many governments are prepared to take regulatory steps towards curbing this problem. This year alone, hackers have stolen more than $1 billion , hitting major exchanges such as Cryptopia, Bithumb and Binance.
The World’s most powerful economies hope the regulatory move will seal loophole money launderers have exploited since the inception of bitcoin and other cryptocurrencies.