Japan Encouraged G20 Members To Prevent Money Laundering

Next week Japan is going to rise a question at G20 meeting to beef up efforts to prevent cryptocurrencies from being used for money laundering.

“Discussions will focus on anti-money laundering steps and consumer protection, rather than how cryptocurrency trading could affect the banking system,” one of the officials said.

“The general feeling among the G20 members is that applying too stringent regulations won’t be good.”

Central bankers and Finance ministers of G20 major economies will meet in Buenos Aires on March 19-20 with the cryptocurrencies on the plan.

Financial Action Task Force (FATF), which is Paris-based 37-nation group will report to the G20 its findings on ways to keep cryptocurrencies from being used for money laundering.

The official said, that Japanese policymakers affraid that while there is broad consensus among the G20 nations on the need for such steps, some nations have looser regulations than others, which leaves loopholes for money laundering.

Japan is known to be the first country to adopt a national system to oversee cryptocurrency trading, although it carried out checks on several exchanges this year after Coincheck exchange hack.

Germany and France have purposes for regulation bitcoin cryptocurrency market. The European Union’s watchdog head told, that short-term strategy could be to focus on applying anti-money laundering and terrorist financing rules, warning consumers of the risk of trading in cryptocurrencies and preventing banks from holding them.

The trick would be to apply regulations to protect consumers and prevent illicit activity, without stifling innovation in the fast-growing crypto-currency and fintech sectors, the Japanese officials said.

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