According to Reuters, the Financial Action Task Force on Money Laundering (FATF) – a French intergovernmental agency founded in 1989 to develop policies aimed at combating money laundering – said it would begin publishing next summer standards for international regulation of cryptocurrencies.
FATF To Release Cryptocurrency Regulation Standards Next June
According to FATF representatives, financial regulators around the world will have to introduce new rules for licensing and regulating cryptocurrency exchanges, companies offering Financial services for ICO, as well as possibly digital wallet services.
On this week The FATF held a plenary session with representatives from 204 jurisdictions from around the world. It discussed the regulation of the crypto-sphere and other issues. According to Reuters, FATF President Marshall Billigsley has announced that his agency will begin issuing additional guidelines to its standards next June..
In July, the G20 countries set October for FATF Of 2018 a deadline to explain how its anti-money laundering standards will be applied in the crypto space. Besides, G20 advocates vigilant monitoring of cryptocurrencies, whereas FATF Calls For Finding Out How Its Current Standards Apply To The Crypto Area.
In a statement released on Friday, the FATF stressed that “there is an urgent need for all countries to work together to prevent the use of virtual assets for criminal and terrorist purposes.”.
“As part of a phased approach, the FATF will prepare augmented risk-based standards designed to regulate companies that offer services related to virtual assets, including their control and monitoring. The FATF will also present standards for operational and law enforcement agencies to identify and investigate illegal activities related to virtual assets, ”the FATF said in a statement..
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