G20 Leaders Pledge Crypto-Asset Regulation After Buenos Aires Meeting

G20 leaders declared that they would regulate crypto to mitigate financial crimes in a statement after this weekend's summit.

AccessTimeIconDec 3, 2018 at 5:00 p.m. UTC
Updated Sep 13, 2021 at 8:38 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Leaders from the Group of 20 nations reiterated their pledge to regulate "crypto-assets" as part of a communique released Sunday after a meeting in Buenos Aires.

In a declaration titled "Building consensus for fair and sustainable development," the G20 participants committed to a number of measures to help grow the global economy. As in past meetings of group members, the document highlighted cryptocurrencies as one area in need of greater regulation.

"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," the document stated.

The pledge came amid a broader section on building "an open and resilient financial system," which the document noted "is crucial to support sustainable growth," stating:

"We will continue to monitor and, if necessary, tackle emerging risks and vulnerabilities in the financial system; and, through continued regulatory and supervisory cooperation, address fragmentation. We look forward to continued progress on achieving resilient non-bank financial intermediation."

Moreover, the statement said members will work to realize the potential benefits of applying technology to the financial sector, as part of this push.

The group's latest statement is a continuation of its ongoing look into the crypto space. G20 finance ministers announced they would be looking for specific regulations after calls from France, Germany, the U.S. and Japan this past March.

While a document from July indicated that the group was eyeing an October deadline for reviewing a document on AML standards for crypto, it is unclear whether they have done so.

G20 banners image via Alexandr Vorobev / Shutterstock

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.