Financial Action Task Force’s Crypto Guidelines Set for June 2019

Financial Action Task Force’s Crypto Guidelines Set for June 2019
фото показано с : blokt.com

2018-10-23 14:29

Regulation of cryptocurrencies has been a major problem for countries that want to make use of their unique features. Countries like China and India have a hawkish stance on digital coins and have tried to curb their local crypto markets. The European Union, on the other hand, adopts a flexible approach to digital coins and has adopted a very positive stance on blockchains.

In consideration of cryptocurrency regulations, on Friday, the Financial Action Task Force (FATF), the global watchdog for money laundering, suggested that it would release its first set of rules for digital assets by June 2019.

A Few More Months to Go

Cryptocurrencies have managed to gain the attention of governments around the globe. It could be difficult to create regulations for a sector as new and technologically advanced as cryptocurrencies. There are certain apprehensions regarding the eventual takeover of digital currencies over fiat currencies.

In June next year, the FATF will be designing its first set of digital currency regulations. In the upcoming months, the agency will get busy in working to create international standards that could help in removing a patchy framework of regulations on digital currencies.

The Paris-based institution said that jurisdictions from around the world would have to work on licenses to regulate digital currency exchanges and encrypted wallet service providers. This will help in eradicating problems related to money laundering, terrorist financing, and other crimes using digital currencies.

Rules for ICO

Apart from wallets and crypto exchanges, the watchdog also aims to regulate firms issuing new coins via initial coin offerings. These coins can be utility tokens issued within a restricted blockchain framework of an enterprise or can be used as digital trading assets, which could lead to price speculation.

Regulation for digital currencies has been difficult because of differences in opinions from different jurisdictions. President Marshall Billingslea suggested that the watchdog will conduct periodic reviews on how countries implement their cryptocurrency-related rules. The countries that fall short of the agency’s guidelines could be added to the FATF blacklist, which restricts access to global financial systems.

Financial Action Task Force’s Crypto Guidelines Set for June 2019 was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

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Источник: blokt.com

crypto guidelines → Результатов: 57


Global Money Laundering Watchdog to Establish Crypto-Focused Guidelines by June

The global entity responsible for setting international money laundering guidelines is finally ready to lay the foundation for its first crypto-specific set of rules by June 2018. FATF Readies Global Crypto Regulation on Money Laundering Paris, France-based money laundering watchdog, Financial Action Task Force (FATF), has seen increasing pressure from global governments to unify regulation.

2018-10-20 00:15


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2018-10-11 00:18


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A Boost to Crypto Companies as Switzerland Introduces Guidelines to Deepen Access to Banking System

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2018-9-25 21:00


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Regulations Round-Up: Holland Targets Electricity Theft, MI Republican Wants More Oversight

In recent regulatory news, Dutch police have reported an increase in electricity fraud associated with crypto mining, a Michigan Republican member of the House Financial Services Committee has urged Congress to make the development of clear guidelines overseeing the cryptocurrency industry a top priority, and digital currency advocacy group, Chamber of Digital Commerce, has published […] The post Regulations Round-Up: Holland Targets Electricity Theft, MI Republican Wants More Oversight appeared first on Bitcoin News.

2018-7-31 18:35


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Google Sends Warning To Cryptocurrency Mining Apps

After Apple did a similar thing, Google have decided to update their Play Store policies which has resulted in banning apps which mine cryptocurrencies like Bitcoin, XRP, and Ethereum. This move comes a few weeks after Apple introduced their own changes to the polices to the App Store Review Guidelines with a new section regarding the restriction of cryptocurrency mining apps.

2018-7-30 06:00


Фото:

Report: Japan’s Crypto Exchange Body to Release Rules

Japan’s Virtual Currency Exchange Association (JVCEA) will reportedly be releasing new voluntary rules next week, Cointelegraph Japan reports today, June 18. The official announcement of the regulatory guidelines, set for June 27th, will reportedly include a ban on insider trading, penalizing cryptocurrency exchange employees if they engage in “inappropriate” trading due to their firsthand knowledge.

2018-6-19 01:32


Lithuania Unveils Comprehensive Cryptocurrency and ICO Guidelines

Lithuania’s Ministry of Finance has published comprehensive guidelines for cryptocurrency and initial coin offerings, covering four areas including regulations, accounting, and taxation. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space Ministry of Finance’s Guidelines The Ministry of Finance of the Republic of Lithuania has published guidelines for cryptocurrency and initial coin offerings (ICOs).

2018-6-12 09:14


Lithuania Unveils Detailed Cryptocurrency and ICO Guidelines

Lithuania’s Ministry of Finance has published comprehensive guidelines for cryptocurrency and initial coin offerings, covering four areas including regulations, accounting, and taxation. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space Ministry of Finance’s Guidelines The Ministry of Finance of the Republic of Lithuania has published guidelines for cryptocurrency and initial coin offerings (ICOs).

2018-6-12 09:10


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