The FATF will develop uniform rules for cryptocurrency exchanges

The intergovernmental task force against money laundering (FATF) develops standards to counter money laundering, plans to create enforceable rules for global cryptocurrency exchanges. The panel previously said
about his intention to fight money laundering in the cryptocurrency industry.

According to the report
Reuters, an unnamed Japanese government official said the group intends to start negotiations on this issue since June 24.

«Discussions, which will begin on June 24 will address the feasibility of establishing a single regulatory rules, as well as how it can be applied to new cryptocurrency exchanges and how to cooperate with countries that prohibit cryptocurrency trading» – he said.

This step, apparently, was initiated appeals
to coordinate the preparation of policies relating to cryptocurrencies on a global level from the world’s economic leaders at the G20 meeting in March. However, after a meeting of leaders of the Big twenty, despite the fact that the issue of regulating cryptocurrency has been raised repeatedly, the financial stability Board (FSB) stated that he did not intend to create an international legal framework to control the cryptocurrency market. Apparently, the initiative decided to intercept the FATF.

While the current guidelines, not entailing legal obligations, involve the control of money laundering in the industry — including the need for registration of stock exchanges, reports of suspicious activity and verification of customers — currently, different States, at its discretion, monitor the compliance with these rules.

According to the report the FATF also will consider the effectiveness of existing rules, their application to new exchanges and how the new system will work with countries that banned scriptacolous.

In 2020, the leadership of the G20 summit will take on Japan, which in April 2017 acknowledged
cryptocurrency as legal tender and created a system of registration of cryptocurrency exchanges. Reuters quoted the official, who said that the government intends to promote the establishment of binding international rules for cryptocurrency exchanges until the end of 2019 or earlier, if possible.

At the G20 meeting in March, representatives of member countries agreed that the issues related to digital currencies should be considered, however, the summit participants have several months to deal with the rules for the market in their countries. In July comes the deadline for bringing member States of the G20 its laws into compliance with the recommendations for the regulation of cryptocurrencies that should be treated as «financial assets» according to leaders of the 20 largest economies in the world. In this regard, South Korea has already thought
the weakening of the regulation of cryptocurrencies.

In addition, in the same month, in his report
for the G20, another intergovernmental body, the Organization for economic cooperation and development (OECD), called for cooperation to study the issue of taxation of cryptocurrencies.

 

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