Cryptocurrency regulations should be at a G20 level, argues the boss of Circle…
As more and more countries around the world look to introduce cryptocurrency regulations of their own, the CEO of Circle, an investment application, is one of those looking for an even more level playing field.
As such, in a new chat with Reuters, Jeremy Allaire has argued that what needs to happen for the future of cryptocurrency is for countries to adhere to global guidelines, rather than individual ones.
“Ultimately, there needs to be normalization at the G20 level of critical crypto-regulatory matters”, he said.
Allaire welcomed at least the announcement of the Financial Action Task Force (FATF) last week.
FATF is a global organization to combat money laundering, and it revealed that it was setting up its own initial set of rules to cover digital currencies by the middle of next year. This has been seen as a step forward, that would introduce the need for licensed cryptocurrency exchanges.
That said, there’s little consensus between countries at the moment, with some – China an obvious example – being seen as hostile towards cryptocurrencies and thus moving to close down exchanges altogether.
The broader picture now though is that a growing number of countries are pushing towards regulation of some form, as they struggle to keep up with the development of the technology. Whether something will be brought in at G20 level remains to be seen, but Allaire for one wants to see the FATF rules broaden out to cover the likes of ICOs as well.
More as we hear it.