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   757

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.

South Korea to Invest $1B in Blockchain Startups

Blockchain is a revolutionary technology and an integral component of the Fourth Industrial Revolution, local authorities believe
19 February 2019   103

Until 2022, Seoul authorities are investing 1.2 trillion South Korean won ($ 1.07 billion) in fintech startups working with distributed ledger technology. This is reported by CoinDesk.

Funds will be allocated for the development of new technologies through the Seoul Innovation Growth Fund, created last year by local authorities. The foundation will support startups working on various solutions, including those that are in the early stages.

In the first half of this year, the Fund will allocate 13.25 billion won ($ 11.75 million) and 8.4 billion won ($ 7.45 million) in the second half of 2019. For the Korean authorities, the blockchain is a revolutionary technology and an integral component of the Fourth Industrial Revolution.

The officials also noted that the average investment per start-up at an early stage of development in South Korea is almost seven times lower than, for example, in Silicon Valley.

Last fall, Seoul authorities submitted a five-year development plan for the blockchain industry.