Cryptocurrency: Government Regulation and Bank Governors

cryptocurrency: Concerns are growing that cryptocurrencies will be used to fund terrorist organizations and other criminal acts by exploiting their anonymity, according to The Japan Times. A U.N. panel of experts said in March that cryptocurrency has given North Korea a new way to evade sanctions since they are harder to trace, can be laundered many times and are independent from government regulation. The G20 finance ministers and central bank governors are set to urge the Financial Action Task Force FATF an international body, to devise new measures to prevent the malicious use of cryptocurrency and other advanced technologies when they gather in the city of Fukuoka for a two-day meeting from June 8, the sources said. ; The chiefs are also expected to formally agree on strengthening regulations on cryptocurrency exchange operators such as requiring government registration. It said Pyongyang successfully launched attacks on cryptocurrency exchanges in Asia, including Japan, at least five times between January 2017 and last September, leading to a total loss of 571 million. In Japan, registration is already mandatory for cryptocurrency exchanges due to a revision of the Payment Services Act that came into effect in April 2017. The FATF, an international standard-setting body that promotes steps to combat money laundering and terrorist financing, has been pushing for strengthened monitoring of cryptocurrency exchanges and the verification of customer identities. (news.financializer.com). As reported in the news.