Japan, France & Germany to Ask G20 for Help Regulating Bitcoin

A Japanese government official has revealed that the country will ask G20 members to strengthen security measures in an effort to prevent money laundering by way of cryptocurrency. Whether or not Japan will get help from its G20 counterparts, however, remains to be seen.

Japan Wants Help, but Probably Won’t Get It

Japan will ask its G20 counterparts for help in the fight against digital currency-utilized money laundering, according to a government official with direct knowledge on the matter.

As reported by Reuters, however, the chances of actually gaining unified assistance in the matter are slim to none.

According to another G20 official:

Discussions will focus on anti-money laundering steps and consumer protection, rather than how cryptocurrency trading could affect the banking system. The general feeling among the G20 members is that applying too stringent regulations won’t be good.

The country’s concern with money laundering is particularly noteworthy — given that reports have suggested that cryptocurrency-utilized money laundering makes up only 0.17% of all money laundering cases in the country.

Japan is the first country to legitimately regulate cryptocurrency, as it passed legislation last year requiring digital currency exchanges be registered and subject themselves to inspection.

Cryptocurrency to Headline G20 Discussions

Finance ministers and central bankers from 20 of the world’s largest economies will meet in Buenos Aires next week, and cryptocurrency will most certainly be a hot topic.

Unsurprisingly, France and Germany are set to put forth joint proposals calling for strict regulation of the cryptocurrency market. The proposals are said to focus on preventing money laundering and the financing of terrorism, in addition to consumer protection. Rules will also be proposed, which prevent banks from holding cryptocurrency.

The move by the two major European countries is expected, given that finance ministers from both have already expressed extreme concern over the use of cryptocurrencies worldwide.

Japan, France, and Germany may find themselves in the minority, however, as the majority of G20 nations have expressed minimal interest in imposing regulations on cryptocurrencies. Rather, many countries would rather not risk stifling innovation by imposing harsh restrictions on the budding market.

What do you think of Japan’s call for assistance in the fight against cryptocurrency money laundering? Let us know in the comments below!

Images courtesy of Bitcoinist archives, Shutterstock

13.03.2018 / 16:50 185
Japan Wants to See G20 Counterparts Increasing Efforts to Stop Cryptocurrency in Money Laundering Japan Wants to See G20 Counterparts
Japan is expected to urge its G20 peers to step up efforts to prevent cryptocurrencies being used in money laundering, according to a government
Japan to Call for G20 Action on Crypto Money Laundering Japan to Call for G20 Action on Crypto
Japan is reportedly planning to use a G20 meeting next week to call for combined regulatory efforts to combat the use of cryptocurrencies in money
G20 To Focus On Crypto AML, Too Stringent Regulations Not Good, Says Japanese Govt Official G20 To Focus On Crypto AML, Too
Japans crypto policy makers will call on the G20 countries to focus on anti-money laundering measures during the upcoming forum in Buenos Aires.
Japan Urges G20 Officials to Introduce Unified Crypto Regulation Japan Urges G20 Officials to Introduce
Regulating cryptocurrencies can be done in many different ways. Japan’s government has paved the way for a positive approach in this regard. The same
National Regulators to Shut Down Some Japanese Exchanges, Order Improvements National Regulators to Shut Down Some
Financial regulators in Japan are set to dole out punishments to multiple cryptocurrency exchanges this week, in addition to shutting some down
Japan’s Financial Regulator Cracks Whip at 7 Cryptocurrency Exchanges Japan’s Financial Regulator Cracks Whip
Japanese authorities have penalized seven domestic cryptocurrency exchanges following inspections, including a month-long suspension for two
Comments (0)
Add a comment
Comment on