FATF Global Watchdog Affirms UK Crypto Exchanges Pose Low Money Laundering Risks
The Financial Action Task Force (FATF), an international financial watchdog, has reported last week that the crypto exchanges from the United Kindom represent what can be considered a low risk for money laundering. The report affirms that there are emerging risks of money laundering but simply not evidence enough to actually affirm that anything of the sort is happening.
Regulators from the UK are planning to create extensive anti-money laundering measures and ways to counter financing of terrorism using the crypto industry and these exchanges. The FATF asked the regulators of the UK to continue to increase their understanding of the risks that virtual currencies possess and to take appropriate actions against money laundering.
While the UK has acknowledged that there are some vulnerabilities which are inherent of the crypto system, the nation is focused on implementing changes that can help these vulnerabilities to be destroyed and the problems caused by them to be fixed.
FATF Issues Global Crypto Regulation Guide
Recently, the Financial Action Task Force has issued a guide for global crypto regulation to be followed by several nations of the world. The guide is supposed to govern how crypto exchanges and companies that offer Initial Coin Offerings (ICOs) will work.
This is part of a larger effort from the G20 nations in order to improve their international coordination on these issues and make the crypto market better and safer for all the ones who are involved with it.
The FATF has affirmed that the agency will regulate crypto assets and that they will have the highest standards for Anti-money laundering and counter of financing of terrorism. The work is still being done, but the experts believe that crypto regulation will blossom and become more important during 2019.