15 countries plan to develop a global crypto transaction monitoring system

15 countries, together with the international anti-money laundering group (FATF), plan to create a system designed to monitor crypto transactions.

The goal of the new project is to prevent the financing of illegal activities, in particular, terrorism and money laundering, through the collection and analysis of crypto transaction data, including personal information of crypto users.

At the moment, it is known that the G7 countries will be involved in the development of the project, that is, Italy, France, Great Britain, Canada, USA, France, Japan, Germany, as well as Australia and Singapore. The project will be managed by the FATF. It is expected that the development of the project will be completed before the end of this year, the launch of the system will take place over the next few years.

In June, the FATF introduced a new set of rules for regulating the crypto industry. The main innovation obliges service providers of digital assets to exchange information about suspicious transactions and data about crypto users with each other.

Last month, it became known that the Japanese government was going to lead a project to develop an international network for crypto payments, which would be similar to the interbank system SWIFT. The details of the project are not yet known, but the FATF will monitor the development of the initiative. Japan's project also aims to combat money laundering. It is expected that its launch will take place in the next few years.