Japan Urges G20 for Steps to Prevent Crypto Money Use for Money Laundering

Japan will urge its G20 counterparts at a meeting next week to beef up efforts to prevent cryptocurrencies from being used for money laundering, a government official with direct knowledge of the matter said.

But the prospects for the G20 finance leaders to agree on specific global rules and mention them in a joint communiqué are low, given differences in each country’s approach, the official said, a view echoed by another official involved in G20 talks.

“The general feeling among the G20 members is that applying too stringent regulations won’t be good.”

Japanese policymakers fear that while there is broad consensus among the G20 nations on the need for such steps, some nations have looser regulations than others, which leaves loopholes for money laundering, the official said.

Japan was the first country to adopt a national system to oversee cryptocurrency trading, although it carried out checks on several exchanges this year after the theft of $530 million from one exchange, Coincheck Inc.

France and Germany have said they will make joint proposals to regulate the bitcoin cryptocurrency market. Ahead of the European Union’s watchdog said a short-term strategy could be to focus on applying anti-money laundering and terrorist financing rules, warning consumers of the risk of trading in cryptocurrencies and preventing banks from holding them.

Bitcoin prices briefly recovered in this week. Bitcoin was trading at $9,243.2 by 11:38 pm ET on the Bitfinex exchange, down 1.8% over the previous 24 hours.

On the technical charts, BTC/USD is trading in the red zone and below all the moving averages (9 day, 20 day, 50 day, 100 day and 200 day). The RSI is at 43.94 and the MACD is below the signal line. The market is expected to trade in the negative zone.

Trade suggestion:

Sell stop at 8864, Take profit at 8620, Stop loss at 9332

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