The G20 group has urged countries to implement crypto standards set by the Financial Action Task Force (FATF), an international money-laundering watchdog.
“Building on the 2019 Leaders’ Declaration, we urge countries to implement the recently adopted Financial Action Task Force (FATF) standards on virtual assets and related providers,” G-20 finance chiefs said at a meeting held this weekend in Riyadh, Saudi Arabia.
The FATF released final crypto guidelines in June, which require exchanges to collect and transfer customer information during transactions. It includes originator’s name, their account number and location information, as well beneficiary’s name and beneficiary’s account number. G20 members officially supported the FATF guidelines in July.
At the Riyadh meeting, G-20 chiefs also reiterated their October statement regarding stablecoins, saying that such projects need to be adequately evaluated before they begin operations.
“We recognize the need to enhance global cross-border payment arrangements to facilitate lower-cost and swifter transfers, including for remittances. We ask the FSB [Financial Stability Board], in coordination with the Committee on Payments and Market Infrastructures (CPMI) and other relevant standard-setting bodies and international organizations, to develop a roadmap to enhance global cross-border payment arrangements by October 2020,” G-20 chiefs added.
The FSB has been working on a report concerning regulatory issues of stablecoins and is expected to submit a consultative report to G20 in April 2020 and a final report in July 2020.