G20 To Focus On Crypto AML, ‘Too Stringent Regulations’ Not Good, Says Japanese Gov’t Official
Japan government wanted to focus on development of measures preventing Anti Money laundering instead
of formulating regulations for crypto trading.
They believe that loophole still exist for money laundering because not all government are not in sync
when it comes to a more strict regualtions.
“Discussions will focus on anti-money laundering steps and consumer protection, rather than how cryptocurrency trading could affect the banking system,” the official said, adding that the overall mood at G20, at this point, is that “applying too stringent regulations won’t be good.”
according to officials.
Last month Japanese cryptocurrency exchanges reported that 669 suspected money laundering cases have taken place in 2017, only a fraction of the 347,000 instances reported by the country’s banks for the same period.
With this, Japan will call on the G20 member governments to rather concentrate on developing a common anti money laundering strategy for cryptocurrencies during the said event.
Source - Cointelegraph
