Monday, July 1st we get some great news for the overall crypto market. G20 officially has announced their support for FATF’s crypto guidelines. The G20 is an informal group of 19 countries and the European Union, with representatives of the International Monetary Fund and the World Bank. This is the start of regulations just what the crypto market needs.
The 2019 G20 summit was just held in Osaka, Japan from June 28th to June 29th where the forum said:
“We reaffirm our commitment to applying the recently amended FATF Standards to virtual assets and related providers for anti-money laundering and countering the financing of terrorism.”
The FATF released there FINAL crypto guidelines on June 21st, which compels exchanges to collect and transfer customer information such as originator’s name, his account number, and location information, as well beneficiary’s name and beneficiary’s account number, during transactions. This is the step in the right direction for regulations!
Here is the kicker, the larger exchanges like Coinbase and Circle are complaining about these guidelines. They are complaining that it is going to be extremely costly for them to implement these new guidelines. What a joke! Don’t you agree? An exchange like Coinbase and Circle do not want to implement this guideline because the power to pump and dump the assets they hold is slowly dying. By making the information public on who is buying or selling a certain asset we will start to serer manipulation die down. These regulations or guidelines have been well overdue and it’s about time they are here and they are here to stay!