According to representatives of the G20 countries, the regulation of cryptocurrency can be called one of the key issues of our time. In July, the first concrete proposals for regulation should be presented. Ministers of the G20 countries presented a number of important arguments in favor of digital currencies.
Cryptocurrency and blockchain should be adopted by the countries
G20 participants have recognized that digital assets are becoming increasingly popular, and will soon need constant state control. This will help the ruling circles influence social policy, experts believe.
Regulation is inevitable
The second conclusion logically continues the first: the world is gradually moving towards state regulation of the cryptocurrency, and this process is inevitable. For the most appropriate implementation of this project, it is needed to carefully consider all the details and create an appropriate legal and regulatory framework.
Nations recognize the demise of the traditional economy
Most G-20 ministers agree that the traditional economy is behind the digital one in many respects. Experts believe that further separation of the cryptosphere and the world economy will become unreasonable.
Regulation will certainly entail taxation
According to experts, it was also clear that the regulatory process will be handled very carefully so that hard rules are not imposed that hinder the development of technology. However, the application of fees, which can happen in different parts of the process, are practically certain.
Preventing crimes
Experts believe that the regulatory proposals will mainly focus on preventing any illicit activity, such as financing terrorism, avoidance of currency, money laundering and also consumer protection. The priority will be avoiding scams being applied through ICOs, cryptocurrency projects, among others.
Development and improvement of the Know Your Customer rule (KYC)
Participants consider the possibility of applying the Know Your Customer rule (KYC) one of the most important features of the cryptosphere market. It is expected that with this option you can track crypto assets to determine where they came from and where they are going. Experts advise continuing developing and improving the standards of KYC (digital identification).
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