According to the Financial Action Task Force (FATF), we are now closer to the establishment of a global set of anti-money laundering (AML) standards for cryptocurrencies. This is the latest viral crypto news in the industry, mostly because of the importance of such standards in preventing hackers and manipulators from laundering money through Bitcoin and other altcoins.
The news was first reported by Financial Times. According to it, the FATF is now more aware of the possibilities regarding anti-laundering in the crypto space and currently comprises of 35 member jurisdictions and 2 regional organizations.
The president of the agency, Marshall Billingslea, said that he expects the coordination of a series of standards that will apparently “close the gaps” in global AML standards at an FATF plenary in October.
It is expected that FATF in October will discuss which existing standards should be adapted to the world of digital currencies, and how they can assess proper methods to implement those standards. When asked about the current AML standards and regimes for cryptocurrencies, Billingslea labeled them as “very much a patchwork quilt or spotty process” and noted that despite the risks related to this kind of assets, cryptocurrencies as an asset class present “a great opportunity.”
Earlier this month, the Belgian think-tank Bruegel also called for unified legislation on cryptocurrencies and their distribution to investors, noting that their virtual nature limits the development of regulations.
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