World Task Force On Financial Crimes To Adopt Crypto Regulation In 2019
An international organization specializing in the development of financial measures to combat illegal money laundering intends to approve the first set of rules on the regulation of cryptocurrencies until the summer of 2019, according to Reuters.
The Financial Action Task Force on Money Laundering (FATF) in Paris stated that legal authorities around the world are obliged to register and regulate digital exchanges and any institutions related to the work of crypto wallets, including firms that support ICO fundraising campaigns.
FATF intends to prevent the use of cryptocurrency in the financing of terrorism, money laundering, and other illegal operations.
Until now, the regulation of cryptocurrencies has not been under control of global authorities, which has led to different methods of supervision proposed by local state regulators. Marshall Billingslea, the head of FATF, stated that the intergovernmental organization would closely monitor how the countries implement the developed rules on the regulation of the crypto sphere. According to him, they will make a detailed instruction on the adoption of the rules in the state systems by June 2019.
In European countries such as France, Malta, and Switzerland, government agencies are already at the stage of developing ICO regulatory systems.
Experts in the field of combating money laundering have positively commented on the intentions of the FATF, however they stressed that determining of the ultimate cryptocurrency beneficiary will be the main difficulty.
As previously reported, Britain will be able to regulate the crypto sphere in the country only in two years.