FATF develops standards for the regulation of cryptocurrencies

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Bitria “news” FATF develops standards for the regulation of cryptocurrencies

FATF-governmental organization involved in the development of international standards for combating money laundering, shall develop rules for the supervision of the cryptocurrencies, and plans to complete their creation by June next year, reports Reuters. This is an important step towards developing international standards for asset currently subject to ambiguous rules.

The FATF stated that financial institutions worldwide will be required to issue licenses or to regulate the crypto currency exchange and are the firms offering crypto-wallets to help eradicate the use of digital money for crimes of various kinds. Also under the regulation will fall and firms conducting ICO.

To date, the regulation of this sector do not respond to global coordination and led to the emergence of different approaches by national governments. Countries considered to be behind, can be added to the blacklist of the FATF, which restricts access to the global financial system.

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