asia.nikkei.com
New global cryptocurrency system set to fight money laundering
YUKIHIRO SAKAGUCHI, Nikkei staff writer
Governments around the world are looking for ways to prevent cryptocurrencies from being used for money laundering.
TOKYO
-- A number of countries have plans to create a new system to collect
and share personal data on individuals who conduct cryptocurrency
transactions. The goal is to prevent funds from being laundered, going
to terrorist organizations or otherwise being put to illicit use.
The system would be designed by the Financial Action Task Force, an international organization comprising more than 30 member countries and economies. The goal is to draw up detailed measures by 2020, and to have the system up and running a few years later.
Once in place, the system would be managed by the private sector.
Many countries have not yet created regulatory regimes for cryptocurrencies, so international cooperation may speed up the development of legal measures. About 15 countries, including the G-7 members, Australia and Singapore, will develop the new system.
Japan was the first country to introduce a legal framework for cryptocurrency exchanges, setting up a registry in 2017. But with virtual currencies entirely unregulated in some places, it has been a challenge to develop uniform international rules.
Officials at the G-20 finance ministers and central bank governors meeting in June agreed to work toward introducing licensing and registration systems for exchange operators. They also agreed to work together to strengthen oversight and eliminate loopholes that allow for illicit transfers of funds.
The system would be designed by the Financial Action Task Force, an international organization comprising more than 30 member countries and economies. The goal is to draw up detailed measures by 2020, and to have the system up and running a few years later.
Once in place, the system would be managed by the private sector.
Many countries have not yet created regulatory regimes for cryptocurrencies, so international cooperation may speed up the development of legal measures. About 15 countries, including the G-7 members, Australia and Singapore, will develop the new system.
Japan was the first country to introduce a legal framework for cryptocurrency exchanges, setting up a registry in 2017. But with virtual currencies entirely unregulated in some places, it has been a challenge to develop uniform international rules.
Officials at the G-20 finance ministers and central bank governors meeting in June agreed to work toward introducing licensing and registration systems for exchange operators. They also agreed to work together to strengthen oversight and eliminate loopholes that allow for illicit transfers of funds.
No comments:
Post a Comment