The G20 Summit which took place in Argentina was in many headlines on our DC Forecasts crypto news site, mainly for covering the topics around Bitcoin and blockchain. The forum’s main aim, however, was to regulate the crypto sector.
Luckily, the world’s 20 largest economies have decided to regulate the crypto sector. As a regulation released by the forum states:
“We will regulate crypto-assets for anti-money laundering and countering the financing of terrorism in line with FATF standards and we will consider other responses as needed.”
The G20 Countries have signed a joint declaration in Buenos Aires, where it promises to regulate #crypto & combat its use for money laundering & the financing of terrorism in line with the Financial Action Task Force (FATF) standards — @CryptoCoinsNews https://t.co/0nKGqzcsL5 pic.twitter.com/aCunWWvAY9
— The Element Group (@TheElementGrp) December 3, 2018
What many are afraid right now, however, is the fact that over-regulation restricts the growth of emerging asset classes and technologies by limiting the way companies can grow in the long run.
Still, it is safe to say that regulators can facilitate the growth of cryptocurrency companies, especially exchanges which require fiat on-ramps – by providing seamless access to legacy systems and banking services.
The G20 also said that it intends to help crypto create an open and resilient financial system and emphasized that it is crucial to “support sustainable growth.”
And while over-regulation can hurt businesses in their early phase of growth, the G20 believes that monitoring and tackling the risks is what will help eliminate the barrier between crypto and the traditional finance sector.
“We will continue to monitor and, if necessary, tackle emerging risks and vulnerabilities in the financial system; and, through continued regulatory and supervisory cooperation, address fragmentation. We look forward to continued progress on achieving resilient non-bank financial intermediation,” a statement from the forum concluded.
Russian State Duma To Review Crypto Regulation: Preparing For Oil-Backed Crypto
“Perhaps the oil-backed cryptocurrency will be the pioneering project that will create a reliable structure for the cryptographic market as a whole," he concluded.
Thailand Legislative Assembly Permits Issuing Of Tokenized Securities
Texas Regulator Reaches Agreement With Four Crypto Companies It Previously Accused
“The orders cited a total of 60 individuals and entities. None of the individuals or firms were registered to sell securities in Texas.”
US Regulators Decision On BTC ETF Will Set The Mood For The Crypto Market: KRX
“The US has been the front-runner on the cryptocurrency market and related derivatives, and there are strong voices supporting the launch of Bitcoin ETFs within the market — which is why we are observing the progress and response of the US SEC’s decision on Bitcoin ETFs.”He added that the KRX is considering the provision of a solid Bitcoin index as well which will be required for the launch of such ETFs. South Korea’s blockchain market has seen the launch of blockchain ETFs by investment banks because of the incredibly lower level of scrutiny they get from the national watchdog. A professor at Korea University’s Graduate School of Information Security Lee Kyang-ho argued that the health of the blockchain sector in the country could eventually create a path for crypto ETF integration by saying:
“With the government expanding its investment in research and development of blockchain technology, the projects are expected to minimize or eliminate the risk of integrating ETF transactions in the cryptocurrency market.”
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