In the summer of 2019 FATF will publish standards for the international regulation of cryptocurrencies
Reuters reports that the Group of development of financial measures of struggle against money-laundering (FATF) next summer I will begin to publish standards for international regulation of the cryptocurrency. The FATF is an intergovernmental Agency that was founded in 1989 with the aim of developing measures to combat money laundering.
The representatives of the FATF to report that all financial regulators around the world have to deal with the issue of licensing of cryptocurrency exchanges as well as regulation firms that provide wallets to store digital currency. It is necessary for the eradication of the ability to use digital coins, with the purpose of money laundering, terrorist financing and other crimes.
“Companies that provide financial services for the initial placement of tokens must also obey the rules,” they added.
This week there was a plenary session at the initiative of FATF with representatives of 204 jurisdictions from around the world. Among other issues discussed was the regulation of the cryptocurrency sphere. Reuters reports that the President of the FATF, Billingsly Marshall (Marshall Billingslea) has announced the date of publication of additional instructions to his standards is June 2019.
In July there was a meeting of the G20 countries in which the group has set for the FATF October 2018 deadline to explain how its standards on combating money laundering can be used in the cryptocurrency space. Of the “big twenty” and the FATF differ, because the former want to engage in “vigilant” monitoring of cryptocurrency, and the controller calls to find out how you can apply their current standards to the cryptocurrency sphere.
FATF on Friday issued a statement in which he stressed the urgent need for the development of legal instruments to prevent the use of virtual assets in criminal and terrorist purposes, and to do this is a matter for all countries together.
“The phased approach of the FATF to assess the risk and provide new standards that are intended to regulate companies providing associated with the virtual asset services. Behind them will be constant supervision and monitoring. Will also feature methodological principles for operational and law enforcement agencies to identify and investigate illegal activities using virtual assets”, — the document says.