G20 2019: AML measures for cryptocurrencies
Regulation

G20 2019: AML measures for cryptocurrencies

By Alfredo de Candia - 5 Apr 2019

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The next G20 2019, to be held on June 8th and 9th in Fukuoka (Japan), will evaluate the proposal for an international regulation (AML) on cryptocurrencies for the prevention of money laundering activities, as well as terrorism financing.

The meeting will be attended by 20 nations including Japan, United States, European countries and emerging countries.

This G20 summit represents an important indication from the institutions that are moving in the front line to adapt to the decentralised world of cryptocurrencies, seeking to find and create suitable tools that can limit the illegal use of the ecosystem. In fact, for the moment, only the procedures of KYC (Know Your Customers) and AML (Anti Money Laundering) are available, but not all providers apply them and not all users are willing to accept them, precisely because a feature is lost, anonymity, essential for those who use cryptocurrencies.

In addition, during this G20 2019 there will be an attempt to clarify some regulations in order to integrate changes to existing rules while trying not to flood the system with additional laws that could interfere with the crypto ecosystem making it inevitably unusable for what it was designed.

Alfredo de Candia
Alfredo de Candia

Android developer for over 8 years with a dozen of developed apps, Alfredo at age 21 has climbed Mount Fuji following the saying: "He who climbs Mount Fuji once in his life is a wise man, who climbs him twice is a Crazy". Among his app we find a Japanese database, a spam and virus database, the most complete database on Anime and Manga series birthdays and a shitcoin database. Sunday Miner, Alfredo has a passion for crypto and is a fan of EOS.

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