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| April 25, 2018

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CIA Director Mike Pompeo Met Kim to Discuss Summit

April 18, 2018 |

President Donald Trump sent Central Intelligence Agency Director Mike Pompeo on a secret trip to meet with North Korean leader Kim Jong Un in Pyongyang over Easter, according to people familiar with the matter.
WSJ.com: What’s News Asia

Snubbed by Trump, Japanese leader returns for summit at Mar-a-Lago

April 16, 2018 |

Barely two weeks after Donald Trump was elected, Shinzo Abe rushed to Trump Tower to meet America’s new leader in a cordial 90-minute visit.

The Japanese prime minister was also the first foreign leader invited to Mar-a-Lago, Trump’s resort in Palm Beach, Fla. And the relationship blossomed further…


L.A. Times – Business

Can North Korea’s Planes Actually Get Kim to US Summit?

April 11, 2018 |

Kim Jong Un on Monday finally acknowledged the planned North Korea-US summit, but there’s still no word on where it will take place. At the Washington Post , David Nakamura looks at an interesting wrinkle: whether Kim has a plane that can actually get him to wherever it will be held…
Newser

Kim Jong Un Has Something to Say About US Summit

April 10, 2018 |

President Trump has acknowledged a planned meeting with North Korea, but Kim Jong Un hasn’t done the same—until now. Kim made his first public acknowledgement of a meeting with the US, though the BBC reports he did not mention Trump by name. Yonhap reports that state news agency KCNA…
Newser

North and South Korea Set Summit, but Nuclear Omission Casts a Shadow

March 30, 2018 |

North and South Korea set a date for a meeting between leaders of the two countries, but failed to finalize an agenda for the summit, including whether the North’s nuclear program would be part of the talks.
WSJ.com: What’s News Asia

CNN

Moon’s moment: South Korean leader faces test with landmark Kim summit

March 30, 2018 |

Like many South Korean leaders before him, President Moon Jae-in’s term in office has become dominated by his country’s northern neighbor.
CNN.com – RSS Channel – World

CNN

North and South Korean leaders to meet for historic summit

March 30, 2018 |

The leaders of North and South Korea will meet on April 27 for the first time since 2007, the two countries announced Thursday after high-level talks.
CNN.com – RSS Channel – World

S. Korea, N. Korea Set Date for Historic Summit

March 29, 2018 |

North Korean leader Kim Jong Un will meet South Korean President Moon Jae-in at a border village on April 27, the South announced Thursday after the nations agreed on a rare summit that could prove significant in global efforts to resolve a decades-long standoff over the North’s nuclear program. The…
Newser

North Korean Leader Visits Beijing Ahead of Summit

March 28, 2018 |

North Korea’s leader, Kim Jong Un, traveled to the Chinese capital—his first trip outside the country since coming to power—on a mission to enlist Beijing’s support ahead of a planned summit with U.S. President Donald Trump.
WSJ.com: What’s News Asia

Japan to Call for Crypto Rules at the G20 Summit

March 14, 2018 |

Japan to Call for Crypto Rules at the G20 Summit

Japanese representatives will push for the adoption of global rules on cryptocurrencies at the upcoming G20 meeting in Argentina. Next week, the summit will gather finance ministers and central bankers in Buenos Aires. Other countries also want to put crypto matters on the table, with signals coming from key members of the European Union.   

Also read: Excessive Crypto Regulation Not Optimal, EU Banking Authority Says

Stringent Regulations Won’t Be Good

Japan, a country with a proactive fintech policy, is going to urge its G20 counterparts to look into cryptocurrencies and agree on some common regulations. Japanese authorities were among the first to adopt a regulatory framework with a mechanism to oversee trading on registered cryptocurrency exchanges. Their new initiative aims at implementing international guidelines for the quickly developing crypto industry.

Japan to Call for Crypto Rules at the G20 SummitAccording to unnamed Japanese officials, quoted by Reuters, Tokyo will urge G20 members to invest more efforts in preventing the use of cryptocurrencies for illicit activities, like money laundering. Other media reports suggest that one of the sources is Japan’s Chief Cabinet Secretary Yoshihide Suga. He has shared his expectations of active Japanese involvement in the G20 discussions on cryptocurrencies and their impact on the global economy.

Differences in each country’s approach, however, are likely to limit the chances of reaching agreement on specific global rules in a joint communique, the official said. Another source confirmed that discussions will focus on anti-money laundering measures and consumer protection, and not so much on how cryptocurrencies could affect the banking system.

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

Finance ministers and central bank governors from the Group of 20 will meet in the Argentinean capital on March 19-20. Other nations also plan to put forward ideas for cryptocurrency regulation. In February, high-ranking French and German officials issued a letter urging their colleagues in G20 to discuss the implications of cryptocurrencies, like bitcoin. They stressed on the need for a transnational regulatory approach and announced intentions to jointly propose regulations.

The Trick: Regulate, but Don’t Stifle

The G20 countries intend to discuss issues related to cybersecurity, the fintech sector and cryptocurrencies, Russian Deputy Minister of Finance Sergey Storchak confirmed in the beginning of March. Digitalization has been included in the agenda on ministerial level for the first time. It has been discussed previously only by experts in the Financial Stability Council, Storchak said. In his words, very few of the G20 members regard cryptocurrencies the same way they view fiat money. The Russian official predicted that the summit would most likely confirm that position.

Japan to Call for Crypto Rules at the G20 Summit

What Japan is actually worried about is that some nations have looser regulations, when it comes to cryptocurrencies and their possible use for illicit purposes. Last month, Japanese authorities carried out checks on several exchanges after the theft of over $ 500 million from Coincheck. They revealed almost 700 cases of possible money laundering. In Argentina, the international Financial Action Task Force (FATF) is expected to present a report exploring ways to prevent the use of cryptocurrencies to launder illicit funds.

According to one of the Japanese officials quoted by Reuters, “the trick will be to apply regulations to protect consumers and prevent illicit activity, without stifling innovation in the fast-growing cryptocurrency and fintech sectors”. The G20 countries account for more than 80% of the world’s gross product and trade. Next week’s meeting will demonstrate if they are ready for a measured approach towards cryptocurrency regulation.

Do you expect common rules for cryptocurrencies from the G20 summit? Share your thoughts in the comments section below.

Images courtesy of Shutterstock.


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