An international legal framework for cryptocurrencies could be a reality this October

Since the big rise in Bitcoin prices at the end of last year, the concern of different governments to have a legal framework to regulate cryptocurrencies became a topic of international discussion.

Many countries have urged that joint actions be taken to create a single legislation that everyone can draw on to write their own. And now, after months of waiting, this set of common rules may finally become a reality.

In the last meetings of the G20, its members discussed the importance of creating common regulations, so that in this way their fight against fraud, money laundering and other criminal activities related to digital currencies would be more effective. That is why they committed to apply the standards that the Financial Action Task Force, better known as FATF, would consider more convenient.

"We are committed to implementing the FATF standards as they apply to crypto-assets, we expect the FATF review of those standards and we ask the FATF to advance in the global implementation," they said in a statement published in March of this year. , according to reports CoinTelegraph.

The FATF is an international organization whose objective is to establish and promote both legal and regulatory measures to combat money laundering, financing of terrorism and other threats to the global financial system. Created by the current G7 members, now the FATF has 37 members: 35 countries and 2 international organizations.

Marshall Billingslea, president of the agency, said he expects in October, for the annual FATF plenary, to have coordinated a series of measures that were planned to reduce the differences between the different existing standards of Anti-Money Laundering standards ( AML, for its acronym in English) worldwide.

During this event, the FATF will discuss what rules should be created to regulate cryptocurrencies and which of the existing ones should be adapted. In the same way, they will investigate the methods by which countries will implement these laws.

The president of the organization also stressed the importance of creating standards that can be applied uniformly. He also explained that AML's current rules for cryptocurrencies are "largely a quilt of scraps or an irregular process", which, for the most part, are creating significant vulnerabilities in international financial systems.

However, despite the risk, rating digital currencies as an asset class represents "a great opportunity," Billingslea concluded.