At the G20 summit, it was decided that the G20 countries would regulate the circulation of cryptocurrency according to the rules of the Financial Action Task Force on Money Laundering. This organization is entrusted to create a set of necessary rules and regulations. It is expected that the organization will provide all the necessary documents by the summer of 2019.
According to the developed plan, by 2020 all countries will have to use uniform rules for regulating the cryptocurrency market. A well-known organization in the field of combating illegal financial turnover is taken for their development. 35 largest countries of the world are associate members of the FATF; more than 20 more countries have observer status in it.
Until mid-2019, the first developments in the field of full legalization of cryptocurrency should be submitted. While it is impossible to say what exactly will include a set of rules and regulations. However, it is already possible to make the first assumptions on the basis of the previous recommendations of the FATF. Back in March 2018, the authorities of some countries turned to the organization for advice, and then it made the following recommendations:
Probably, the uniform rules in the root to change the rate of circulation of cryptocurrency. Some experts attribute the drop in their course to the decision of the G20 to choose the FATF as a regulatory body. The reason is a banal conflict of interest.
According to the UN Office on Combating Drugs and Crime, every year around 800 billion to 2 trillion dollars are laundered in the world. And first of all large financial corporations and banks are involved in these schemes.
Cryptocurrency market research shows that operations worth about $ 2.5 billion can be called under-the-counter here. This is about 0.1-0.5% of all criminal transactions in the world. By the number of recorded cases, the ratio is 347,000 versus 669.
The blockchain technology was originally designed to make financial operations transparent and secure. And now those who could not cope with traditional institutions are taken for its control. For investors, this causes legitimate concerns, which leads to the rejection of purchases. Regulated bitcoin is losing its popularity.