🌐 What's Happening?
👉 The G20 countries, representing the 20 biggest economies, are advancing a framework for global #crypto assets.
👉 The G20 countries, representing the 20 biggest economies, are advancing a framework for global #crypto assets.
📍 Location
👉 The decision took place during the G20 summit under India’s presidency in New Delhi.
👉 The decision took place during the G20 summit under India’s presidency in New Delhi.
📆 When Does This Start?
👉 By 2027, countries will start exchanging information under this framework.
👉 By 2027, countries will start exchanging information under this framework.
📜 Purpose of Framework
1️⃣ #Crypto-Asset Reporting Framework (CARF):
👉 Provides visibility into crypto transactions and their participants.
2️⃣ Amendments to CRS (Common Reporting Standard):
👉 A call for improved and standardized reporting.
1️⃣ #Crypto-Asset Reporting Framework (CARF):
👉 Provides visibility into crypto transactions and their participants.
2️⃣ Amendments to CRS (Common Reporting Standard):
👉 A call for improved and standardized reporting.
🔗 Who's Involved?
👉 Countries like the USA, UK, China, India, and more - covering two-thirds of the global population.
👉 Countries like the USA, UK, China, India, and more - covering two-thirds of the global population.
🔄 How It Works
1️⃣ Annual Info Exchange:
👉 Countries will share data on #crypto transactions yearly.
2️⃣ Scope:
👉 This will cover transactions on unregulated exchanges and wallet providers.
1️⃣ Annual Info Exchange:
👉 Countries will share data on #crypto transactions yearly.
2️⃣ Scope:
👉 This will cover transactions on unregulated exchanges and wallet providers.
👥 Information Shared
▶️ For each #crypto transaction:
👉 Beneficiary name
👉 Beneficiary's digital ledger address
👉 Beneficiary's account number
▶️ For each #crypto transaction:
👉 Beneficiary name
👉 Beneficiary's digital ledger address
👉 Beneficiary's account number
🇪🇺 EU's Role
👉 In May, the European Union updated rules to align with the CARF, ensuring automatic data sharing between European nations.
👉 In May, the European Union updated rules to align with the CARF, ensuring automatic data sharing between European nations.
🏦 Stablecoins Regulation
👉 Recommendations are made to treat stablecoins similarly to commercial banks.
👉 This includes ensuring all participants in transactions can be identified.
👉 Recommendations are made to treat stablecoins similarly to commercial banks.
👉 This includes ensuring all participants in transactions can be identified.
📌 Takeaway
👉 The G20 is taking significant steps to increase transparency and regulation in the crypto market.
👉 This is a major move towards global #crypto standardization.
👉 The G20 is taking significant steps to increase transparency and regulation in the crypto market.
👉 This is a major move towards global #crypto standardization.
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