Cryptocurrency news

FATF proposes to tighten regulation of cryptocurrency exchanges

FATF proposes to tighten regulation of cryptocurrency exchanges

In October, the FATF will hold a meeting with G20 countries to discuss tightening international regulation of the cryptocurrency industry.

The financial action task force on money laundering (FATF) has published a document calling on G20 Finance Ministers and Central banks to develop a more effective system for monitoring virtual asset service providers (VASP). This includes cryptocurrency exchanges, wallets, peer-to-peer and custodial services, as well as firms that sell digital assets or make transactions with them.

Last year, the FATF published recommendations for regulating cryptocurrency activities, according to which operators of cryptocurrency services must transfer personal information about customers who make transfers of funds between exchanges, including data on cryptocurrency transactions.

Now FATF offers to form a group of regulators from different countries and develop international standards for regulating stablecoins and conventional cryptocurrencies. According to the Agency, this approach to regulating the industry will be the most productive. In addition, the FATF plans to draw up a number of signs that may indicate the Commission of criminal actions with digital currencies.

In April, the FATF conducted an assessment of the regulation of crypto assets in the United States and noted that the country has not achieved full compliance with the recommendations and is lagging behind in investigating cases involving firms providing cryptocurrency services.