The intergovernmental Group of development of financial measures of struggle against money-laundering (FATF) adopted a decision about introduction of obligatory rules for kryptomere. On 12 Jun told the media, their official representative.
The FATF was established in 1989 by the decision of the countries “Big seven” and comprises 35 member States and two international organizations. The responsibility of the group is to develop measures to combat money laundering and the financing of terrorism.
In June 2015, the intergovernmental organization has already adopted a non-binding resolution concerning the activities of cryptocurrency exchanges. Future regulations, in fact, will be the updating of these regulations. In the course of their development FAFT will examine the applicability of existing measures to combat money laundering, as well as reports of suspicious trading activity. In addition, the organization will decide how to work with countries that are the steps to ban the cryptocurrency.
We will remind that the authorities of Japan, who is also a member of the FATF, expect to take the leading position in the adoption of new binding rules regulating the cryptocurrency sector in 2019. The government plans to cooperate in this matter with the United States and European countries.
Another member of the FATF, Canada, has also released the official draft of the new regulations for cryptocurrency exchanges and payment services. According to the rules, they will treat companies that provide services with money which obliges them to report all large transactions and to comply with the principle of “Know your customer” (KYC). The project aims to remove some of the shortcomings that were in the old, non-binding, the decisions of the FATF.
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