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FATF will introduce cryptocurrency regulation standards next year

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The group to develop financial measures to combat money laundering (FATF) next summer will begin to publish the rules of international regulation of cryptocurrency, reports Reuters .

According to representatives of the intergovernmental organization, these rules will have to be respected by financial regulators around the world and apply to digital currency exchanges, wallets and primary coin offers (ICO).

On the eve of the FATF held a plenary session with representatives of 204 jurisdictions, discussing, in particular, issues related to the regulation of cryptocurrencies. During the event, the president of the organization, Marshall Billingsley, announced that guidelines and explanations for them would begin to be published in June next year.

Today, October 19, the FATF has published a document that says “the urgent need for all countries to take coordinated actions aimed at preventing the use of virtual assets for criminal and terrorist purposes.”

“As part of a phased approach, FATF will prepare updated standards based on risk assessment. They are intended to regulate providers that provide services related to virtual assets, and will include their supervision and monitoring. Methodological principles for operational and law enforcement agencies on identification and investigation of illegal activities using virtual assets will also be presented , ”the document says.

Earlier, BlockchainJournal announced the intention of FATF to develop uniform rules for cryptocurrency exchanges .

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