[2018-03-15]Global Crypto AML Rules Enforcement Initiated by Japan to be Discuss

[Vladdirescu87]

Japanese government will initiate a discussion at the G20 annual summit in Buenos Aires on March 19-20 to develop a unified anti-money laundering (AML) plan for cryptocurrency markets.

The concern over a “loophole” giving money launderers the ability to cheat the system would get precedence over creating a framework involving regulations for the cryptocurrency market. A Japanese official stated: “Discussions will focus on anti-money laundering steps and consumer protection, rather than how cryptocurrency trading could affect the banking system.” Also, he cited that “applying too stringent regulations won’t be good.”

Read the details in the article of Coinidol dot com, the world blockchain news outlet: https://coinidol.com/global-crypto-aml-rules-enforcement-to-be-discussed/

[buwaytress]

Sounds pretty much like the path Japan has always been on, anyway. At least there, regulations have always been because of protection first, and not of the banking systems, but users. But it's always funny to me how banks pretend to be concerned about money laundering when really that's a large part of their profitability. Of course they want launderers to keep going through their systems. Compliance? Nothing but glorified checklists that don't stand up to actual tests.

Hopefully we'll get actual quotes from the German, French and Japan ministers. Not that they'd have any bearing. Just curious to see if they'll let slip on how the world's biggest finance heads view crypto.