Before the G-7 leaders meeting, which will be hosted by Japan, cryptocurrencies were discussed. T. Raja Kumar, Head of the Financial Action Task Force (FATF), calling on the G-7 countries to 'tackle the lawless crypto space', made striking statements.
Ahead of the upcoming G-7 summit, cryptocurrencies were on the agenda of the head of the Financial Action Task Force (FATF).
T. Raja Kumar, the leader of the international organization responsible for the fight against financial crime, urged the advanced economies of the G-7 to adopt the recommendations of the FATF, which aims to prevent illegal financial activities in the cryptocurrency space. The statement, titled “End to the lawless crypto space,” was published ahead of the G-7 summit, which will begin on May 19 in Hiroshima, Japan.
“Crypto arrangements” will be one of the main topics of the G-7 summit
During the meeting, crypto regulations were discussed between finance ministers and central bank governors of the G-7 countries.
Executives are expected to re-emphasize their support for stricter cryptocurrency regulations around the world during the upcoming summit.
The Financial Action Task Force (FATF) has urged countries to adopt a “rule of travel” that forces crypto service providers to collect and exchange transaction information above a certain limit to combat money laundering and terrorist financing involving digital assets.
“Unregulated areas in crypto should be addressed immediately”
Kumar noted that many countries around the world have made remarkable progress in the implementation of various standards. In addition, with regard to the implementation of the FATF's revised criteria for crypto assets, he noted that progress was relatively unsatisfactory. The President noted that an estimated 73 percent of countries are either non-compliant or only partially compliant with FATF standards.
Kumar underlined that “countries should immediately address unregulated areas that allow criminals, terrorists and ‘rogue states’ to exploit cryptocurrencies.”
According to analysts' estimates, the rate of illegal cryptocurrency transactions ranges from 0.1 percent to 15.4 percent. However, the FATF considers these statistics to have the potential to underestimate the true scope of the issue. Kumar noted that it is vital for collective success that the G-7 countries play a decisive role in fully implementing the FATF's global standards. #btc
