Report: G20 Countries May Seek Single Registry of Cryptocurrency Exchanges

 

 

 

 

When central bankers and finance ministers from the Group of 20 (G20) countries meet in Fukuoka, Japan in June, they are reportedly hoping to come to an agreement on cryptocurrency exchange oversight. In fact, a report from Nikkei Asian Review on Friday suggests that they are eyeing the creation of a single registry for all cryptocurrency exchanges around the world.

The Nikkei article cites officials’ ongoing concerns about customer protection at those exchanges and the threat of money laundering, two of the topics G20 representations are expected to address during their June 8-9 summit. The gathered officials are reportedly concerned about the patchwork nature of cryptocurrency regulation around the globe and are interested in finding a way to standardize oversight to limit terror funding, money laundering, and other potential illicit cryptocurrency activities.

Nikkei cited Japan’s leadership in restricting anonymous digital currencies, and its experience with the nation’s own cryptocurrency exchange registry. That approach stands in stark contrast to China’s efforts to enforce an outright ban on digital currency trading. As the article notes, individual nations will struggle to enforce tough regulatory regimes as long as trading can simply migrate to more friendly environments.

There's even a directory of regulators ready to be presented to the gathered G20 members:

In order to help countries work together to curb illegal activities, the Financial Stability Board, an international body of financial regulators, published a directory of cryptocurrency regulators in April, which will be submitted to the G-20.

Author: Ken Chase

Freelance writer whose interests include topics ranging from technology and finance to politics, fitness, and all things canine. Aspiring polymath, semi-professional skeptic, and passionate advocate for the judicious use of the Oxford comma.

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