After the G20 watchdog the Financial Stability Board (FSB) recently submitted its report to the G20 Finance Ministers and Central Bank Governors on the work of the FSB and standard-setting bodies on crypto-assets, the G20 nations now plan to bring in the cryptocurrency market under the purview of international AML standards, said an official statement released during a meeting in Buenos Aires recently.
The G20 forum, in which India is a prominent member, plans to apply the anti-money laundering (AML) regulatory standards for the cryptocurrency sector by October this year.
For its part, the FSB has already developed a framework in collaboration with the Committee on Payments and Market Infrastructures (CPMI), to monitor the financial stability implications of developments in crypto-asset markets. The report published recently sets out the metrics that the FSB will use to monitor crypto-asset markets as part of its ongoing assessment of vulnerabilities in the financial system.
As per the statement, members agreed to the implementation of the FATF standards and have asked the Financial Action Task Force (FATF) – an international body of 37 nations – to clarify in October 2019 how its standards apply to crypto-assets.