Japan Leads G20 Nations’ Plot of a Global Cryptocurrency Exchange Register
By CCN: The hurdles of using crypto in money laundering are set to increase if plans by G20 countries materialize. Per Nikkei Asian Review, G20 countries are working on a deal aimed at creating a cryptocurrency exchange registry.
The world’s most powerful economies hope the move will seal a loophole money launderers have exploited since the inception of bitcoin and other cryptocurrencies.
The plans will be unveiled when central bankers and finance ministers from G20 economies meet in Fukuoka, Japan next month. Crypto-related challenges such as customer protection and money laundering will be discussed at the summit.
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Global financial system monitor, the Financial Stability Board (FSB), had last month submitted to G20 finance ministers and central bankers a ‘directory of the regulatory and supervisory mandates of authorities in FSB member jurisdictions’ with regards to crypto assets.
The choice of Japan as a host of the summit is apt considering that the Far East country has some of the most progressive cryptocurrency regulations among G20 economies and even around the world. Japan may also offer a blueprint on how to operate a crypto exchange registry having had one for years now.
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Another G20 country that’s relatively progressive with regards to handling cryptocurrencies is South Korea. Unsurprisingly, the national currencies of Japan and South Korea are the second and third most traded for bitcoin globally. This is despite the two countries being the third-largest and 11th-largest by nominal GDP.
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