The Financial Action Task Force on Money Laundering (FATF) recommended that the UK government implement cryptocurrency exchange regulation. The rules should help solve the problem of money laundering and terrorist financing, reports Cryptovest .
In total, the FATF developed 7 recommendations for the UK, among them “extending the AML / CFT requirements to virtual currency exchanges and monitoring their implementation.”
Now the UK is obliged to introduce monetary control, it is one of the obligations to the European Union (EU). The fifth revision of the EU Anti-Money Laundering Directive (AMLD) provides for mandatory control measures for crypto-fiat markets.
However, operators operating exclusively on cryptocurrencies are outside the scope of AMLD. At the moment, it is unclear how the planned British withdrawal from the bloc and the ongoing Brexit negotiations will affect the implementation of EU rules in the future.
By June of next year, the FATF will publish a guide to international rules on virtual coins, which will cover the work of stock exchanges, purse providers and projects dealing with the primary offer of coins.
Countries that do not comply with the new provisions will be included on the FATF blacklist, which will restrict access to the global financial system.
In total, the organization has 37 members, including the United States, China, Russia, Australia, Japan, Hong Kong, Germany, France, Turkey and Saudi Arabia.
