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G20 focuses on Crypto's LBC, "too stringent regulations" are not good, says Japanese government official

Japan will call member governments G20 to focus on the development of a common anti-money laundering strategy for cryptocurrencies at the annual Buenos Aires summit on March 19 and 20, reports Reuters on March 13, citing a "government official with direct knowledge of the question".

The Japanese government official told Reuters the country's government thinks it's best to focus on developing measures preventing AML instead of formulating regulations for the cryptocurrency trade.

The official insisted that the loophole for money laundering still exists

"Discussions will focus on anti-money laundering measures. money and consumer protection, rather than on how cryptocurrency transactions could, "said the official, adding that the general mood at the G20, at this point, is that" l & rsquo; Application of too stringent regulations will not be good. "

According to Reuters, Task Force Financial Action (FATF), an organization of 37 countries working on standards to prevent money laundering Money, will prepare a report for the G20 meeting on ways to combat digital money laundering.

On February 23, the Japanese cryptocurrency exchanges that 669 bleaching cases of Money was reported in 2017, only a fract 347 000 cases reported by the country's banks for the same period.

Mid-February, the Japan Financial Services Agency (FSA) announced 15 cryptocurrency exchanges, which followed the Coincheck hack on Jan. 26. Last week, FSA released "Punishment Notes". for 7 crypto exchanges, and stopped the work of two others.

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