The Financial Action Task Force (FATF) has said it will begin publishing rules for international cryptocurrency regulation by mid 2019. Regulation means institutional adoption – do you think this is a good thing?
Retuers has reported that the French intergovernmental body founded in 1989 will develop policies that will tackle money laundering, and will bring exchanges and crypto exchanges into the purview of global jurisdiction. Companies offering financial services for ICOs will also be included.
The news comes after the FATF meeting this week with officials from over 200 global jurisdictions to discuss crypto regulations and other matters.
Marshall Billinslea, FATF president, designated June as the month in which the group will start outlining guidelines and enforcement expectations. He was quoted as saying “By June, we will issue additional instructions on the standards and how we expect them to be enforced.”
G20 member countries have been eying October as a deadline for movement on a global anti-money laundering (AML) standard around cryptocurrency.
The G20 will seek to “vigilantly” monitor cryptocurrencies. The G20 called upon FATF to clarify how its existing AML standards could be applied to cryptocurrency.
FATF released a statement on Friday, saying that the group recognizes 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 in its missive.
What do you think? We’ve had some bullish news before, such as Goldman Sachs investing in an exchange. Are you bullish? Let us know on our Facebook page!
