G20 urged to adopt common cryptocurrency regulation

Cryptocurrency regulation could be a topic of conversation among G20 countries this week, as representatives meet for a summit in Argentina on Monday and Tuesday.

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Nigel Green, founder and chief executive of deVere Group, says in a release that G20 countries must work toward an agreement to adopt common regulations for cryptocurrencies, such as bitcoin.

“By doing so, they will position their respective countries on the right side of history,” he says.

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He urges officials to study the proactive fintech approach taken by Japan, which was among the first adopters of a regulatory framework to oversee cryptocurrency trading on registered exchanges.

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Green has previously commented that the best way to address the regulatory issue is via exchanges. He has observed that “nearly all foreign exchange transactions go through banks or currency houses and this is what needs to happen with cryptocurrencies. When flows run through regulated exchanges, it will be much easier to tackle potential wrongdoing, such as money laundering, and make sure tax is paid.”

Staff

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