G20 to Urge Watchdogs to Assess Crypto-Related Risks

G20 representatives believe that at the moment, cryptocurrency doesn't thread global financial stability
10 June 2019   373

The G20 countries urged the Financial Stability Board and regulators in various countries to assess the risks associated with digital currencies. Reported by the Cointelegraph.

At the meeting the G20 participants noted that regulators should pay more attention to cryptocurrencies and the risks associated with them. It is emphasized that at the moment digital currencies do not pose a threat to world financial stability. The corresponding meeting of the ministers of finance and representatives of central banks of G20 countries took place in Fukoka, Japan, at 9th of June, 2019.

While crypto assets do not pose a threat to global financial stability at this point, we remain vigilant to risks, including those related to consumer and investor protection, anti-money laundering (AML) and countering the financing of terrorism (CFT).
 

G20's Document

G20 participants also appealed to the Financial Stability Board with a request to strengthen market monitoring and develop measures to counter these risks.

At the same time, the document notes that representatives of the G20 support the creation of platforms for trading cryptoactive assets that protect the interests of users and investors, as well as the integrity of the market.

In addition, the document talks about the potential advantages of the blockchain and cryptocurrency for the global economy.

At the end of last year, the final declaration of the G20 summit also noted the need to regulate the cryptocurrency market.

CFTC to Approve LedgerX's Deliverable BTC Futures

At the same time, another platforms such as Bakkt, ErisX and Seed CX still awaiting regulatory approval
26 June 2019   63

Cryptocurrency derivatives provider LedgerX LLC has received a license from the Authorized Derivatives Market (DCM) from the US Commodity Futures Trading Commission (CFTC), which will allow it to launch the country's first bitcoin futures.

Deliveries for deliverable futures are made in the underlying asset, not in fiat funds. Thus, LedgerX outstripped the Bakkt, ErisX and Seed CX platforms, which are still awaiting regulatory approval.

At the same time, LedgerX intends to launch the Omni platform for trading options, swaps, and bitcoin futures for retail investors, since at the moment it does not see enough interest from institutional market participants.

However, it should be added that some experts have already expressed fears that the nature of the license received will not allow LedgerX to provide margin tools to customers, and Bakkt should have such functionality.

Recall about the intentions to obtain the appropriate permission and overtake competitors LedgerX said in April.