G20 Summit To Focus On Global Crypto Framework

The upcoming G20 summit is expected to focus on crypto regulation. This is due to money laundering and terrorist funding with cryptocurrencies.

The last G20 summit, chaired by Indonesia, will take place on 15 November. Later, India will chair the future G20 summit for one year from December 2022.

Ahead of the G20 summit, India’s Finance Minister Nirmala Sitharaman has shared her views on regulating crypto. While addressing the Indian Council for Research on International Economic Relations (ICRIER) last Tuesday, he said that:

We have not come up with any plan to regulate digital assets. The agenda for cryptocurrency regulation will be brought up at the G20 meeting.

Nirmala Sitharaman

Illegal activities funded by cryptocurrency.

Svetlana Martynova, a senior UN official, believes that the spread of crypto-funding for terrorist activities could increase fourfold in recent years. They estimate that 20% of terrorist attacks are crypto-financed.

Additionally, according to a Chainalysis report, illegal entities received around $10 billion this year. Whereas in 2021, it was a record high, with illegal entities receiving over $15 billion.

Source: Chainalysis

India will prioritize crypto regulation at the G20 summit.

You don’t know where the road takes you. Is this drug funding? Is this terror-funding or is it just gaming? So that if any one country does that regulation cannot be successful. We haven’t made any plans yet. That’s why we need to get all the members of the G20 on board to see how this can be best done.

Nirmala Sitharaman

India has maintained a tough stance against cryptocurrencies. Therefore, as a host, they are most likely to bring discussions on crypto regulation to the summit. Earlier, the Home Minister of India – Amit Shah said that crypto is responsible for the increase in drug trafficking in India.

The FATF takes charge of crypto regulation.

The Financial Action Task Force (FATF) is all set to strengthen its fight against money laundering and terror funding. They are preparing to conduct annual checks to ensure that countries are enforcing anti-money laundering and terrorist financing rules on crypto providers operating in their jurisdictions, two sources with knowledge of the matter told Al Jazeera. told.

Countries that do not comply with AML (Anti-Money Laundering) guidelines can be added to the “grey list”. Syria, Uganda and Barbados are part of the list. The FATF increases surveillance of countries that are part of the gray list.

In addition, the FATF blacklists countries that remain uncooperative in tackling AML. Iran is part of the Black List. They are subject to economic sanctions and other financial sanctions by the FATF.

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