G20 to start discussions on developing a handbook for cryptocurrency regulations

Japan’s Sankei Shimbun revealed that the G20 Osaka Summit scheduled for June 2019 will start discussions on developing a handbook that can be applied to cryptocurrency regulations in each member country. The handbook, which is expected to be compiled by the year’s end, is intended to develop an environment for cryptocurrency trading by raising the level of an individual country’s regulations.

 

According to the same media report, the handbook will illustrate, by example, necessary laws and regulations that will serve as references when a country develops rules, including actions needed to protect customer assets, measures against cyberattacks, and appropriate ways to provide information to customers.

 

When it comes to cryptocurrency regulations, there are countries that prohibit cryptocurrency trading itself and those that regulate some transactions. How to regulate cryptocurrencies differs widely according to the country. Based on the judgement that it is not feasible to develop international rules, a decision seems to have been made to develop a handbook which enables individual countries to incorporate regulations in a way that is appropriate to them.

 

In March 2019, the media reported that cryptocurrencies were expected to be included in the agenda for the G20 Osaka Summit. Because individual countries are promoting the development of cryptocurrency regulations, it will be the first time that international views regarding regulations will have been shared.

 

*This article was written by Fisco