G20 to Create Crypto AML Standard Till October

Еhe Financial Action Task Force on Money Laundering (FATF) will be involved to develop anti money laundering standards
23 July 2018   1117

The member states of the G20 signed an agreement, according to which, before October 2018, a standard for combating money laundering (AML) in the cryptocurrency area will be developed. This is reported by CoinDesk.

It is reported that this weekend (July 21-22) was a meeting of finance ministers and heads of central banks of the G20 participating countries. During the meeting, the importance of close monitoring of the sphere of cryptocurrencies was again underlined.

To develop the AML standard, the Financial Action Task Force on Money Laundering (FATF) will be involved, which explores the possibility of applying existing anti-money laundering measures.

While crypto-assets do not at this point pose a global financial stability risk, we remain vigilant. ... We reiterate our March commitments related to the implementation of the FATF standards and we ask the FATF to clarify in October 2018 how its standards apply to crypto-assets.
 

G20 Member Countries

In mid-July, the Financial Stability Board ща G20 announced plans to implement a framework designed to assess the risks of cryptocurrency.

Binance Singapore Unit to Apply For License

Under the new law, aimed at regulating crypto paymetns and trading, firms must register with the Monetary Authority to receive a license
17 February 2020   210

Binance, a Singapore-based cryptocurrency exchange unit, has applied for a license under the new Payment Services Act, which entered into force on January 28.

We have already applied. We submitted the application pretty fast. Binance’s Singapore entity has been in close touch with the local regulators, and they have always been open-minded.

 

Changpeng Zhao

Founder and CEO, Binance

Under the new law, crypto companies in Singapore must register with the Monetary Authority and receive one of three licenses: an exchange of money, a standard or large payment institution. The measure is aimed at regulating payments and crypto trading using requirements for participants in the traditional finance industry. Zhao did not specify which of the licenses Binance Singapore chose.

Binance has been offering crypto-fiat trading services in Singapore since April 2019 and works with eight coins, including Bitcoin, Ethereum and XRP. The trading platform is supported by Vertex Venture Holdings, a venture division of Singapore's Temasek Holdings.