G20 Wants Countries To Implement Strict Crypto Rules

Law360 (February 24, 2020, 4:19 PM EST) -- The G20 on Monday urged more countries to adopt regulations that would compel cryptocurrency exchanges to collect customer information as a means of combating money laundering and terrorist financing, plus other potential macroeconomic problems.

The Group of 20 countries referred to guidelines adopted last June by the Financial Action Task Force that it sees as key to stopping financial crimes.

The FATF’s so-called travel rule aims to limit money laundering by calling on "virtual asset service providers," such as cryptocurrency exchanges, to collect extensive identifying information about individuals involved in cryptocurrency transactions. The G20 formally endorsed the FATF’s guidelines last July and...

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