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The Final Declaration of the G20 Summit Marks the Regulation of Cryptocurrency

December 4, 2018

At the end of the G-20 summit on Saturday in Buenos Aires, the heads of the participating countries signed a final declaration, which, in particular, noted the need to regulate cryptocurrency and create a unified tax system for digital assets.

In a signed declaration, the G20 leaders agreed on the need to reform the World Trade Organization (WTO), and also confirmed their commitment to use all political means to achieve economic growth.

Separately, you should pay attention to the document part about cryptocurrency and the underlying technologies. In particular, the declaration confirmed that the regulation of digital assets is necessary for building an “open and sustainable financial system” and will be carried out in accordance with the standards of the Financial Action Task Force on Money Laundering (FATF).

“We look forward to continued progress on achieving resilient non-bank financial intermediation. We will step up efforts to ensure that the potential benefits of technology in the financial sector can be realized while risks are mitigated. 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. We thank Mr. Mark Carney for his service as FSB Chair and we welcome the appointment of Mr. Randal K Quarles, as Chair of the FSB and of Mr. Klaas Knot, as Vice Chair,” says paragraph 25 of the document.

The declaration also speaks of the need to create a stable and time-honored international tax system, and that the G-20 countries will continue to cooperate in developing a consensus-based solution in a digitalizing economy.

The development of proposals for the creation of uniform tax rules of the G20 country will be dealt with individually and will be discussed in 2019 at the next summit in Japan. By the plan, the work in this direction should be completed by 2020.

The standards for the regulation of cryptocurrency will be presented by FATF in next year. The FATF held a plenary meeting with representatives of 204 jurisdictions, discussing, in particular, issues related to the regulation of cryptocurrencies. During the event, the president of the organization, Marshall Billingslea, announced that guidelines and explanations would begin to be published in June next year.

On October 19, the FATF published a document that says that,

“there is an urgent need for all countries to take coordinated action to prevent the use of virtual assets for crime and terrorism.”

“As part of a staged approach, the FATF will prepare updated guidance on a risk-based approach to regulating virtual asset service providers, including their supervision and monitoring; and guidance for operational and law enforcement authorities on identifying and investigating illicit activity involving virtual assets,” – the document says. 

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