The G20 summit to be held in Japan this June may bring much needed regulatory clarity in the cryptocurrency and blockchain domain. The meeting is scheduled to be held on 8 and 9 June in Fukuoka, Japan as published in Kyodo, a local news outlet.
The revised framework on international regulatory procedures for virtual currencies could be a massive step towards cryptocurrency regulation, if approved. The summit will also delve into matters related to anti-money laundering and counter-terrorism.
The participants of the official meet would be appointed representatives of the state, bank governors and finance ministers. The event will be duly focused on creating a regulatory framework to dispel the fraudulent activities commonly associated with blockchain tech.
The decision to adopt a framework for blockchain technology and crypto trading doesn’t come as a surprise as member countries signed a joint declaration towards the adoption of a regulatory guideline at the G20 summit held in Buenos Aires, Argentina last year.
What the Reports Say?
As per the press release by Kyodo, the member countries are working towards a mutual approval and agreement for the new regulatory framework set. The framework also calls for stricter identification processes for enterprises and users trading and processing crypto transactions to bring about increased user transparency.
The absence of a robust and internationally accepted regulatory framework for crypto trading has led to an increase in miscellaneous and often arbitrary state regulations.
The move would also aim to cut down on fraudulent money laundering in the cryptosphere and aid in the global adoption of virtual currencies. There have also been reports of disapproval towards the adoption of a regulatory framework, as the investors and enterprises are concerned about the anonymity aspect of the currency concerned. The passing of the framework, according to some, could even hinder the growth and rise of cryptocurrencies.