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.
Swiss Crypto Broker Bitcoin Suisse Applies For New Licenses
“We believe that in the long-term, more regulation will follow, as soon as the legislation catches up with the technological developments of the space. We believe that within this new regulatory environment, companies without the necessary licenses will have a limited ability to serve clients with the full spectrum of high quality, innovative crypto-financial products and solutions.”The announcement is hot in the altcoin news - where the company said that the preemptive licenses will expand the number of regulated services and products it can offer - as “more and more crypto assets and services fall under securities and banking law.” Currently, many best cryptocurrency news sites show that a securities dealer license would enable the company to trade crypto tokens that have been classified as securities by the financial regulator. As they said, this would include their own stablecoin, the Swiss Crypto Franc. In May this year, SIX (the Swiss national stock exchange group) announced that it was developing the CHF Stablecoin which will be pegged to the Swiss franc. The news now positively affects the Swiss crypto broker Bitcoin Suisse from many perspectives and creates a competition in the crypto environment in Switzerland. This is not to say that Swiss regulations are overly burdensome.
“The regulatory industry in Switzerland is very crypto-friendly. The Federal Council as well as the FINMA are pursuing a very constructive approach that fosters innovation in the long-term,” a company representative from the Swiss crypto broker concluded.
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India Will Ban Cryptocurrencies But Not The Digital Rupee
“No person shall mine, generate, hold, sell, deal in, issue, transfer dispose of or use cryptocurrency in the territory of India.’’Sethi described the new document as ‘’the proposed Banning of cryptocurrency and regulation of Official digital currency bill 2019.’’ He noted that the bill is not drafted yet completely and is tabled in the parliament to become an Act without modifications. The punishment for those who will go against the law includes prison sentences up to 10 years long. As noted, India will ban cryptocurrencies since now they are sitting in a grey area. Since last year, the banks prohibited serving the industry business with services involving cryptocurrencies and they also refused to provide services for exchanges which led to many companies leaving the country while others shut down. In the absence of the decent regulation, some remained hopeful and believed in a positive outcome in the long term as the opponents of the banking ban even sued the Reserve Bank of India over the decision. India still appears to go even further than China but it is still unclear how the authorities will enforce a ban on an entity which is not under their direct control. The issue comes in a very important time as the US government is starting to grip the realities of decentralized networks. During the press conference on Monday, the Treasury Secretary Steven Mnuchin noted his desires to combat the role of cryptocurrencies in illicit activities while noting the words of the US President Donald Trump who described bitcoin as being based on thin air as noted in the coming altcoin news.
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