The global Financial Heads have called for a meet on March 20 to decide whether stricter supervision is needed for the Crypto assets. Their aim is to strengthen the foundation by securing the system as these valuable assets could turn into a threat at any moment.
As per reports, world’s biggest Financial Heads and Bank Governors are to meet in Buenos Aires on March 19th and 20th. It is an obvious fact that financial heads will suggest that improvements are necessary in the current cryptocurrency sector. According to the draft Communique, Cryptocurrency brings out various issues including Consumer and Investor protection, money laundering and Cyber terrorism and so finding a stability is a must.
Global decision making :
The global platform has decided to come to a set international standard in strengthening the assets. The lawmakers and regulators are concerned about the future of the cryptocurrency sector since the financial system is threatened by the illegalities that it brings along with it.
Japan, the first country to have a regulatory body to check on cryptocurrency has carried out it’s supervision on a number of exchanges in 2018.
The European Union’s supervisory lead has said that one of the strategies could be focusing on putting in anti-money laundering laws and warning the investors about the risks of Cryptocurrency.
The Securities and Exchange Commission of U.S stated registration with a regulator is a must for any online trading firms and this will help in tracing any illegalities that might occur.
The SEC also added that the illegal platforms which showcases itself as exchanges may be the reason that the investors are finding them secure and safe. Registration is compulsory with the SEC. Digital Coins have existed for a long time now and these increasing Cyber crimes need to stop in order to fully fetch the significance of the digital economy.