Financial Action Task Force (FATF) Plans New Crypto Exchange Rules

Reuters has recently revealed a report about the regulations the Financial Action Task Force (FATF) will be looking into when it comes to cryptocurrency and its respective exchanges were listed. As per the report, an anonymous Japanese government official, who is aware of this new endeavor, was quoted.

Established in 1989, the Financial Action Task Force is an inter-governmental body that works on implementing standards that ban illegal activities like, money laundering, terrorist financing and other related threats, while also implementing ways in which legal matters should be dealt with. The organization also has a blacklist, in which 12 countries have been considered incapable of “contributing to the greater good”.

According to Bitcoin.com, the FATF has been watching out for cryptocurrencies since February 2018, particularly thinking of ways to prevent money laundering. It was not until March of this year that a statement was released reading out,

“We commit to implement the FATF standards as they apply to crypto-assets, look forward to the FATF review of those standards and call on the FATF to advance global implementation.”

During a G20 meeting, it was supposedly Japan that brought up the topic of cryptocurrencies with support from the likes of Germany, France, and China.

A 48-page guide was released by the group in 2015, however, many felt that it did not necessarily apply to cryptocurrencies, leaving even more confusion on the table. While some unclarity exists, others seem to represent cryptos, which goes as follows:

  • Cryptocurrency exchanges are suggested to be registered
  • Cryptocurrency investors’ identities must be verified
  • Any suspicious activity that might have taken place should be immediately informed

Lastly, the Reuters’ report states that Financial Action Task Force future goal is to revisit existing rules on cryptocurrencies and to see how they can be updated. This phenomenon is said to commence as of June 24, 2018, with increased focus on countries who have completely banned the digital asset.

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