Global money laundering watchdog will release cryptocurrency regulations by next June

2018-10-22 20:23

The Financial Action Task Force (FATF) – the France-based intergovernmental body founded in 1989 to develop policies for tackling money laundering – has said it will begin publishing rules for international cryptocurrency regulation by next summer.

According to a Reuters report Friday, the FATF said that global jurisdictions will have to bring into force licensing schemes or regulations for crypto exchanges and possibly digital wallet providers under the new rules. Companies offering financial services for initial coin offerings (ICOs) will also be included, the report states.

The news comes after the FATF plenary meeting this week with officials from 204 global jurisdictions to discuss crypto regulations and other matters.

FATF’s president, Marshall Billingslea, said:

“By June, we will issue additional instructions on the standards and how we expect them to be enforced.”

The G20 member countries had been eyeing at an October 2018 deadline for movement on a global anti-money laundering (AML) standard around cryptocurrency.

With the G20 seeking “vigilant” monitoring of cryptocurrencies, FATF was called on to clarify how its existing AML standards could be applied to cryptocurrency.

The group said in a statement on Friday that “there is an urgent need for all countries to take coordinated action to prevent the use of virtual assets for crime and terrorism.”

“As part of a staged approach, the FATF will prepare updated guidance on a risk-based approach to regulating virtual asset service providers, including their supervision and monitoring; and guidance for operational and law enforcement authorities on identifying and investigating illicit activity involving virtual assets,” – the FATF explained.

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