Tagged: g20

IMF and Financial Stability Board (FSB) Release Synthesis Paper Covering Policies for Crypto-Assets

The International Monetary Fund (IMF) and the Financial Stability Board (FSB) have advanced policy and regulatory recommendations “to identify and respond to macroeconomic and financial stability risks associated with crypto-assets.” Crypto-assets have been in existence “for more than a decade and have displayed significant volatility…. Read More

Bank for International Settlements Shares Report on Facilitating Increased Adoption of Payment versus Payment (PvP)

This final report – issued as part of the G20 cross-border payments program – focuses on facilitating increased adoption of payment versus payment (PvP) “to reduce foreign exchange (FX) settlement risk and improve cross-border payments.” It analyzes “the causes of non-PvP settlement, takes stock of… Read More

Fintech Pine Labs, Thomas Cook India to Enable UPI Payments to Merchants from G20 Nations

Pine Labs, a merchant commerce omnichannel platform and Thomas Cook (India) Limited, India’s foreign exchange service provider, have partnered with National Payments Corporation of India (NPCI), in “a pioneering initiative to ensure safe, seamless, convenient merchant payments via UPI for foreign nationals from G20 countries.”… Read More

FSB Proposes Performance Indicators for Measuring Progress Toward G20 Cross-Border Payments Targets

The Financial Stability Board (FSB) published for public feedback a report on “the approach for monitoring progress toward meeting the targets for the G20 Roadmap for Enhancing Cross-border Payments.” The report provides preliminary recommendations “about key performance indicators (KPIs) that could be used to monitor… Read More

“Virtual assets and so-called stablecoins” G20 Supports FATF Regulatory Efforts Targeting Money Laundering and Illicit Financing

Last week, the G20 Finance Ministers and Central Bank Governors welcomed the efforts of the FATF to identify the money laundering and terrorist financing risks that have arisen during the COVID-19 pandemic.  The G20 said that the COVID health crisis is being exploited by criminals… Read More

Digital Payments: G20 Member Nations Working on New Rules and Policies for Online Transactions

The G20 summit, which will include representatives from 19 different countries and the EU, will be working on laying the groundwork for accepting digital payments. The G20, which is an international forum for world governments and central bank governors, might make changes to the existing… Read More

Monetary Authority of Singapore to Support G20 TechSprint Initiative which Helps Fintechs, Regulators, Reserve Banks in Communicating with Each Other

The Monetary Authority of Singapore (MAS), the nation’s central bank and financial regulator,  confirmed recently that it would be supporting the inaugural G20 TechSprint initiative, which has been introduced by the Bank for International Settlements (BIS) Innovation Hub and the Saudi G20 Presidency on the… Read More

G20 Issues Joint Statement, Questions Big Tech in Fintech, Urges Implementation of FATF Rules for Virtual Assets

Yesterday, the G20 issued a joint communique outlining shared goals for the group of the larget 20 economies in the world. The actual event is being hosted by Saudi Arabia with meetings ongoing. The document, embedded below, recognized the value of “digitalization of the economy”… Read More

Here is the Guidance by FATF on VASPs Presented at G20

As has been widely reported, the Financial Action Task Force (FATF) presented a report providing guidance for financial services at the G20 last week. FATF is an independent inter-governmental body that develops policies to protect the global financial system. This includes strategies against anti-money laundering,… Read More

Digital Assets: Key Goal of V20 is to Explore Solutions and Come Up with a Solution to FATF Guidelines Impacting VASPs

Later this week the V20 conference will take place alongside the bi-annual G20 event being hosted in Japan. The G20 is, of course, the global powwow of 19 leading nations plus the EU. While mostly a lot of hobnobbing and back-room policy wrangling, while in… Read More

Bitbond CEO Says FATF is Going Too Far with Global Guidelines for Crypto Industry

Bitbond, a Germany-based global online lending platform that is in the process of issuing one of the first security tokens, says guidelines issued by FATF impacting “virtual asset service providers” or VASPs – has gone too far. Bitbond, licensed by BaFin, is in the midst… Read More

V20 to Discuss Challenges from FATF Guidance Impacting Virtual Asset Service Providers

The Financial Action Task Force (FATF) is out with their “Guidance for a Risk-based Approach: Virtual Assets and Virtual Service Providers.” This guidance, which was widely expected to be released today, should be rubber-stamped at next week’s G20 meeting in Japan. The proposals included in… Read More

Report: Incoming FATF Rules for Crypto Will Be Costly and Better For the Sector’s Long Term Prospects

Last weekend in Japan, G20 Finance Ministers “…reaffirm(ed)” their support of incoming “amended” FATF Standards requiring strict KYC/AML compliance in the cryptocurrency sector. The rules are expected to impact cryptocurrency exchanges, crypto wallet providers, custodians, hedge funds and brokers. G20 ministers also stated that they… Read More

G20 Finance Ministers Affirm Amended FATF Guidelines for “Crypto Assets” in Fukuoka, Say They’ll Be Adopted in Osaka

Finance Ministers from the world’s 20 most powerful economies have “…reaffirm(ed) (their) commitment to applying the recently amended FATF Standards to virtual assets and related providers for AML (anti-money laundering) and CFT (anti-terrorist finance),” in a communique issued from a meeting they held this weekend… Read More

“Virtual Asset” Industry Reps Holding “V20” Summit to Coincide with G20 Osaka Meeting

Leaders from the 20 most powerful economies in the world may discuss creating a global regulatory framework for “crypto assets” at their forthcoming meeting in Osaka in June (G20 2019 Japan), and “Virtual Asset Service Providers” (VASPSs) are holding their own concurrent meeting (V20), “…to deliver… Read More

Ministers at Forthcoming G20 Summit in Japan to May Create Global Cryptocurrency Exchange Registry

Finance Ministers and Central Bank Governors from the globe’s twenty most powerful economies are “expected” to collaborate on creating a global registry of cryptocurrency exchanges when they meet at the G20 Conference in Fukuoka, Japan, in June, Nikkei Asian Review (NAR) reports. G20 government personnel meeting… Read More

Financial Stability Board Produces Paper on Crypto-Assets for G20

The Financial Stability Board (FSB) published a report on crypto-assets, including cryptocurrency and blockchain based securities, last week. The document is being presented to the G20. The document is a byproduct of the G20 meeting which took place in Buenos Aires in March. The member… Read More

OECD Secretary General Report Looks at Cryptocurrency Tax Implications: “The Era of Bank Secrecy Is Over”

In its new study, the OECD Secretary General examines cryptocurrency and its tax consequences in the two part Report to G20 Finance Ministers & Central Bank Governors. Part I reports on the activities and achievements of the OECD’s tax agenda, and reviews significant achievements while looking ahead at… Read More

G20 Acknowledges Fintech & Crypto Assets May Boost Financial Efficiency & Inclusiveness

  The Group of Twenty or G20 held a meeting this week in Buenos Aires. Participating countries include Argentina, Australia, Brazil, Canada, China, Germany, France, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom, the United States plus the… Read More

Financial Stability Board: Crypto-Assets Do Not Pose Risks to Global Financial Stability at this Time

The Financial Stability Board (FSB), the international body that monitors and makes recommendations about the global financial system, has published its assessment of risk in advance of the upcoming G20 meeting which will take place in Buenos Aires today and tomorrow. The FSB is chaired by… Read More

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