Regulatory Series on Cryptocurrencies: G20 Approach To Set-in Standard Rules

Of late, the regulatory approach across the globe is getting meticulous day by day, we kept reiterating that the U.S. SEC’s rigid approach on the crypto regulation has prolonged while having embraced the crypto-markets even while fighting to fend off fraud. The SEC’s eagle eye on the IEO and crypto regulation seems to be resolute but such an approach is quite inevitable amid various crypto scams and scandals.

While the Financial Action Task Force (FATF), as the global standard-setting authority in the gamut of AML (anti-money laundering), is geared up as the G20 nations have reasserted their cooperation. They have also agreed to abide by the FATF advocacies and guidelines for all asset classes, concerning crypto-assets as well.

As the pioneer cryptocurrency (Bitcoin) and its counterparts, in the recent past, have sensed eye-catchy market-capitalization growth amid topsy-turvy trend, that puzzles quite a few investors and their CPAs struggled with uncertainties pertaining to tax filings also (when they were approaching deadline, April 15thfor filing taxes in the United States) and surprised during tax season owing to many reasons (predominantly, lack of clarity in the regulatory framework). 

Consequently, some returns were given the extension, awaiting further guidance from the IRS, while other taxpayers found themselves faced with an unexpectedly large tax bill as a result of misconceptions surrounding how these transactions are taxed.

FATF came up with a public statement back in February, with an intention of mitigating risks among virtual asset space.

For now, in Vianna, the FATF went through with its annual Private Sector Consultative Forum at the beginning of this month, with its members and over 300 representatives from the private sector participating. Members of the FATF are 36 countries and two international organizations including the European Commission. 

Wherein, the FATF seemed to have constructive interactions with a multi-stakeholder group of virtual assets market players, as it explained: “the discussions focused on the mapping of virtual asset services and business models … and on the implementation of specific FATF recommendations.”

Currency Strength Index: FxWirePro's hourly BTC is printing at 156 (highly bullish), hourly USD spot index is flashing at 101 levels (which is highly bullish) while articulating at (07:26 GMT). 

For more details on the index, please refer below weblink:http://www.fxwirepro.com/currencyindex