The anti-money laundering crypto regulations by The Financial Action Task Force won’t have as much of an adverse effect on the market as was previously thought. Despite this, there are still some unanswered questions about the document.
Coin Central reported that the new guidelines were comparable to the ones enforced by the United States Financial Enforcement Network, the similarities were especially prevalent in the issues regarding money services businesses.
Jake Chervinsky, a pro-crypto lawyer, presented an examination of The Financial Action Force guidelines and demonstrated that they weren’t very unfavorable for crypto.
It was advised by The Financial Action Force that anti-money laundering guidelines should be implemented by crypto coin exchanges and wallet providers. On the other hand, crypto miners and developers aren’t affected by these anti-money laundering guidelines.
However, the know-your-customer requirements for crypto-asset transfers were still unclear.
In many countries around the globe, there are very strict regulations regarding money laundering and KYC.
As it was in the case of fiat transaction laws, the regulations are restricted to exchanges, a system that functions by crypto coins with other assets. This helps to eliminate any unwanted problems.
The Financial Action Force also encouraged the countries to adopt rules for crypto coin exchanges to have standardized regulations about user data exchange between these platforms.