The G20 member countries will now look at an October deadline for reviewing the global anti-money laundering (AML) standard on cryptocurrency, according to a statement issued on Sunday.
As the statement says, finance ministers and central bank governors of all the G20 member countries recently hosted a meeting and re-liberated the position on a plan towards “vigilant” monitoring of cryptocurrencies.
They even called on the Financial Action Task Force (FATF) which is the intergovernmental body that was formed to fight money laundering and terrorist financing – all in order to clarify how its existing AML standards can apply to cryptocurrency within three months.
As the document reads:
“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,”
Previously (March 2018), the G20 asked for an AML standard from the FATF in order to see a wider push for global regulatory recommendations on the issue. Last month, reports said that FATF is planning to develop binding rules of AML for the crypto exchanges.
In response to the G20’s request in March, the Financial Stability Board, which is an organization focused on the analysis of the global financial systems, presented several key metrics for monitoring crypto assets before the weekend meeting.
Accounts Of The First Digital Bank In India Closed After Involving In Crypto-Related Activity
“I've been a user of DBS' Digibank for a year. Although I regularly used Kotak Mahindra Bank for my cryptocurrency transactions, I used Digibank only 7 times throughout the year. On January 14th, I received multiple messages from my twitter [sic] followers regarding an account closure notice by Digibank. I checked my mailbox and found the mail myself.”However, Digibank stated:
“Reserve Bank of India through their public notices have warned/advised the public regarding risks associated with virtual currencies. We reiterated the same vide our emails dated 4th May 2018 and 2nd Aug 2019, cautioning our account holders [against] the risks associated [...] and that DBS accounts and debit cards should not be used for their purchase or any kind of dealings.”Many other users responded to the allegations that not only Digibank but many other banks are doing the same as well.
BitMex Pulls The Plug On Trading Accounts In Quebec And The US
‘’The development comes at the same time as the Hong Kong-based company notifying users in North Korea, Iran, Syria, Cuba, Sudan and Sevastopol in the Crimea since the fourth quarter of 2018 against holding positions or trading on BitMEX, as these are restricted jurisdictions.’’It seems like BitMex only wants to cover its back and provide protection for their users against regulatory crackdowns. However, the exchange decided to pull the plug on the trading accounts after the Canadian regulatory body has announced the BitMex is operating illegally in Canada:
‘’BitMEX is not registered with the AMF and is therefore not authorized to have activities in the province of Quebec. We informed this company that its activities were illegal.’’There is still no explanation why the exchange decided to shut down the trading accounts in the US. Many believe that the exchange does so because of the same strict crypto regulations. We are still expecting a comment from BitMex since it seems like there is almost a billion dollars worth of crypto still on the platform.
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- Accounts Of The First Digital Bank In India Closed After Involving In Crypto-Related Activity
- Crypto Exchange OKCoin Is Adding Tron To The Platform
- BitMex Pulls The Plug On Trading Accounts In Quebec And The US
- Scott Galloway Of UCLA Believes Crypto Will Get Worse In 2019
- Cryptopia Exchange Suspends Services After Major Hack Causes ‘’Significant Losses’’
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