The meeting was held in Saudi Arabia and in the statement the G20 recognises that the current economic landscape has changed. It says that the driving force behind this change are the rapid technological, environmental and demographic developments.
We remain vigilant to potential risks arising from financial innovations, including those risks related to financial stability, consumer and investor protection, anti-money laundering (AML) and countering the financing of terrorism (CFT) as well as their macroeconomic implications, including monetary sovereignty issues.
Therefore, the G-20 recommends applying a series of guidelines known as the Financial Action Task Force (FATF). These guidelines focus on combating money laundering and the financing of illegal activities. However, their approach tightens policies against users of cryptocurrencies. By imposing a “Travel Rule”, crypto exchanges must hold information about their clients such as name, wallet address, location of the user, among other data.
Author : Reynaldo