The Financial Action Task Force (FATF), the international group that combats money laundering and terrorism financing, will start developing binding rules for crypto exchanges in June, a Japanese official familiar with the matter told Reuters June 12.
The new rules would be an upgrade to the non-binding resolutions which were adopted by the FATF in June 2015.
The FAFT will consider whether existing guidelines on anti-money laundering (AML) measures and reporting suspicious trading activity are still appropriate, and if they can be applied to new exchanges.
The official stated that Japanese authorities aspire to become a leader in the matter and to promote the adoption of new binding rules by 2019.
The recent move by the FATF follows the recent release of a draft on new regulations for crypto exchanges and payment services by the Canadian government.
South Africa is proposing new rules around crypto-asset service providers (CASP) as it seeks to align regulations with standards of the Financial Action Task Force (FATF). The proposed rules are part of amendments to the Financial Intelligence Centre Act (FICA) that are up for public comment.
The FATF ‘Travel Rule’ that cryptocurrency proponents have described as “absurd” will result in a mass shift to compliance among Bitcoin exchanges, new data claims. FATF Rules Move Closer To Law In a report issued on September 9, Crystal Analytics, the dedicated offshoot of mining giant Bitfury, forecast possible consequences of cryptocurrency rules likely to become law across the globe by June 2020.
The international financial crime watchdog, the Financial Action Task Force (FATF), will hold discussions later this month to develop rules for governing cryptocurrency exchanges. It will primarily make sure effective countermeasures are in place to prevent money laundering and terrorist funding, according to a Japanese government official familiar with the matter.
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