Financial Action Task Force To Release Crypto Regulation by June 2019
Agencies all around the world are starting to decide and publish their regulation for the crypto market. Now, a France-based intergovernmental body, the Financial Action Task Force (originally, Groupe d’action financière), has recently reported affirming that it has plans to release its crypto regulation by June 2019.
This is a major step for creating international standards for crypto regulations, something that the industry is lacking and it desperately needs right now as it is facing the entrance of institutional investors in the market and most of them are still wary of the lack of regulation that the industry currently has.
The Financial Action Task Force is based in Paris but its action might have an impact on the world, as most of the companies right now are expecting the development of the necessary frameworks for the industry to move forward.
With a new framework and regulation for crypto exchanges and possibly digital wallets, the agency hopes to achieve some level of efficiency while curbing terrorist financing and money laundering.
News Comes After FATF Plenary Meeting
This development has been publicized after 204 global jurisdictions have reunited their officials to discuss the future of money laundering regulation at the FATF plenary meeting. During the event, the president of the organization has confirmed that new standards will be expected by June and that they will soon be enforced in the jurisdiction of the agency.
As the price of Bitcoin soared up to 1,300 percent last year, cryptos started to be well known outside of their oldest circles and regulation follows this development as many countries are still uncertain on how to regulate these new assets.
G20 Is Focused On Creating Crypto Anti-Money Laundering Standard
The members of the G20, which reunites the most powerful and influent countries in the world, has recently set the end of October as a deadline for reviewing an anti-money laundering policy that could be used to curb tax evasion and related activities.
At the time of the last conference, the Financial Action Task Force was called to develop policies that could help the group of countries to address these problems and it looks like this is a development on this front.
About The Financial Action Task Force
The Financial Action Task Force was a French intergovernmental body created in 1989 to develop and publish policies that would tackle money laundering across the whole country. In 2001, the agency has also included terrorism financing in the type of activity that it would try to stop.
Its current president is Marshall Billingslea, an American government official and business analyst who currently is serving as the Assistant Secretary for Terrorist Financing in the U. S. Department of Treasury under President Donald Trump.