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New SBI presentation: SBIVC to go live after regulation amendments, Ripple-Money Tap investment being considered


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  • 1 month later...
15 minutes ago, Caracappa said:

So now the latest MG&Ripple news has died down... any news on SBI? July is mentioned in the presentation as the release date and a month that many things would come together. Silence before the storm of before the delay announcement?

Would probably keep an eye out for the Japanese passing regulation. If that is delayed then I would assume SBI would be also. End of June is the time the the regulations were to pass by, thus SBI going live in July. Let us hope.

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10 hours ago, Rust said:

Would probably keep an eye out for the Japanese passing regulation. If that is delayed then I would assume SBI would be also. End of June is the time the the regulations were to pass by, thus SBI going live in July. Let us hope.

Whatever comes out of the G20 conference should be illuminating...

Japan to Provide G20 With Solution for Crypto Regulation

https://www.japan.go.jp/g20japan/

"Japan is preparing to share its experience regarding cryptocurrency regulation with finance ministers and central bank governors from other G20 countries at the upcoming summit which it will host in June. According to local media, Japanese regulators have a solution for crypto regulation to offer the G20 countries."

G20 Summit & Ministerial Meetings to be Held for the First Time in Japan

 "On the 28th and 29th of June 2019, the leaders of the G20 will gather in Osaka as Japan hosts its first ever G20 Summit. Concurrent with the Summit meeting, the Finance Ministers and Central Bank Governors’ Meeting, the Foreign Ministers’ Meeting, and other ministerial meetings will also be held at eight different locations throughout Japan."

https://news.bitcoin.com/japan-g20-cryptocurrency-regulation/

(bold emphasis is mine)

Edited by GiddyUp
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  • 1 month later...

The FATF rules are the main thing to come out of this, I think. Maybe some other members have insight into this...

https://www.mof.go.jp/english/international_policy/convention/g20/communique.htm

Communiqué,G20 Finance Ministers and Central bank Governors Meeting, Fukuoka.(Jun.8-9,2019)

13. "Technological innovations, including those underlying crypto-assets, can deliver significant benefits to the financial system and the broader economy. 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). We reaffirm our commitment to applying the recently amended FATF Standards to virtual assets and related providers for AML and CFT. We look forward to the adoption of the FATF Interpretive Note and Guidance by the FATF at its plenary later this month. We welcome IOSCO’s work on crypto-asset trading platforms related to consumer and investor protection and market integrity. We welcome the FSB’s directory of crypto-asset regulators, and its report on work underway, regulatory approaches and potential gaps relating to crypto-assets. We ask the FSB and standard setting bodies to monitor risks and consider work on additional multilateral responses as needed. We also welcome the FSB report on decentralized financial technologies, and the possible implications for financial stability, regulation and governance, and how regulators can enhance the dialogue with a wider group of stakeholders. We also continue to step up efforts to enhance cyber resilience, and welcome progress on the FSB’s initiative to identify effective practices for response to and recovery from cyber incidents."

14. "We welcome the United Nations Security Council Resolution 2462, which stresses the essential role of the FATF in setting global standards for preventing and combatting money laundering, terrorist financing and proliferation financing. We reiterate our strong commitment to step up efforts to fight these threats. We call for the full, effective and swift implementation of the FATF Standards. We welcome the achievement of the FATF Ministerial Meeting in April this year that has given the FATF an open-ended mandate and led to strengthening the FATF’s governance, including the biennial ministerial meeting and the FATF Presidency’s term extensions. We look forward to the FATF’s Strategic Review. We welcome FATF’s commitment to monitor the risks and opportunities of financial innovation, and to ensure the FATF standards remain relevant and responsive. We ask the FATF to report back on progress in 2021. We look forward to further action by the FATF to strengthen the global response to proliferation financing."

 

https://www.coindesk.com/g20-reaffirms-it-will-apply-expected-tough-new-fatf-rules-on-crypto

G20 Reaffirms It Will Apply Expected Tough New FATF Rules on Crypto

"The FATF standards are expected to set tough operating procedures for crypto exchanges, going beyond the basic “know your customer” (KYC) rules that most major exchanges now abide by. In addition to verifying and keeping records of their users’ identities, exchanges and other service providers would have to pass customer information to each other when transferring funds, just as banks are required to do – a procedure known in the U.S. as the “travel rule.”

 

https://news.bitcoin.com/policymakers-crypto-guidance-standards-g20-supports/

Policymakers Meet to Finalize Global Crypto Guidance - A Look at Standards G20 Supports

"At the G20 Finance Ministers and Central Bank Governors Meeting in the Japanese city of Fukuoka on June 8-9, the G20 countries issued a joint statement regarding crypto assets. Noting that “Technological innovations, including those underlying crypto assets, can deliver significant benefits to the financial system and the broader economy,” their statement reads:

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)."

 

https://news.bitcoin.com/g20-crypto-global-standards/

G20 Starts Crypto Discussions - A Look at Global Standards

"Christine Lagarde, Managing Director of the International Monetary Fund (IMF), mentioned crypto assets in her speech at the meeting on Saturday afternoon. She believes that “harmonization of different approaches from country to country, such as dealing with crypto assets and non-bank financial intermediaries, is important, but it also needs to aim for financial stability and consumer protection,” Nikkei conveyed. The IMF chief was further quoted as saying:

It is important to continue international dialogue, but it is not as easy as it looks."

"A number of global organizations have been working on regulatory standards for crypto assets which the G20 countries can apply in their own jurisdictions. They include the Basel Committee on Banking Supervision (BCBS), the Committee for Payments and Market Infrastructures (CPMI), the International Organization of Securities Commissions (IOSCO), the Financial Action Task Force (FATF), the Organisation for Economic Co-operation and Development (OECD) and the Financial Stability Board (FSB). Each covers different aspects of crypto asset risks within their respective mandates. The FSB elaborated:

Standard-setting bodies and other international organisations are working on a number of fronts, directly addressing issues arising from crypto-assets. They are mainly focused on investor protection, market integrity, anti-money laundering, bank exposures and financial stability monitoring."

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