News Regulation

The FATF is going to set cryptocurrency regulations in June

The Financial Action Task Force (FATF) is planning to introduce rules for cryptocurrency exchanges.

The FATF is an inter-governmental organisation whose remit is helping governments develop policies to combat money laundering and terrorism financing. It was created in 1989 by the then-G7 and is based in Paris.

The organization has 37 member countries and 8 other associated groups, such as the Asia/Pacific Group on Money Laundering and the Financial Action Task Force of Latin America.

In February 2018, cryptocurrency has officially been on the FATF radar. At its Paris meeting that month the group said that it was important to understand how the new assets bring risks in relation to money laundering.

In March, the G20 issued a communique in which it said:

«We commit to implement the FATF standards as they apply to crypto-assets, look forward to the FATF review of those standards, and call on the FATF to advance global implementation».

On June 24 , the FATF will begin its cryptocurrency-specific discussions in earnest. It will re-examine the existing rules to see if they are still relevant and will decide what to do about countries that have decided to ban cryptocurrency trading.