The FATF will develop regulations for the market of digital assets
Group of development of financial measures against money laundering (FATF) announced the beginning of work on a set of regulatory rules of the stock market. Work on this document will be completed in June 2019. At the same time financial regulators in different countries will receive it on hands and will have to use as a basis when you create a local cryptocurrency legislation.
The main message of the FATF is simple: while generic AML standard stock market does not exist, the effectiveness of such measures leaves much to be desired. In order to change the situation, the Group will develop an international standard to combat money laundering through the crypt.
Central banks and other financial regulators will be required to be licensed cryptocurrency exchange providers cryptocell and cryptomeria conducting the ICO, in accordance with the FATF standards.
Countries boycotting the adoption of this standard will be added to the black list, and it is known, does not Bode well. The black list of FATF is, in fact, sanctions limiting access to the global financial system. You remember how Bithumb blocked the accounts of users from countries not cooperating with FATF? So all very, very seriously.
“By June 2019, we will publish a standard for combating money laundering to cryptorhynchus and instructions for its use,” said Marshall Billingsley, 1 July 2018 who became the new President of the FATF.