Countries around the globe are modifying their crypto regulations in order to comply with guidelines by the Financial Action Task Force (FATF). The international organization was created in 1989 to set guidelines for financial regulations. Reportedly, fifteen countries are developing a network for gathering as well as sharing individual information on those that take part in crypto transfers.

Members of the Great Seven countries are going to be the ones to create the new network. It will be structured by the Financial Action Task Force by next year and it will start operating in a couple of years. This network is going to be monitored by the private sector.

The Financial Action Task Force released its cryptocurrency guidelines in June 2019 and these were debated during the Great Twenty summit by the financial ministers. The new standards require cryptocurrency service providers to follow the anti money-laundering and counter-financing of terrorism guidelines fully.

The nations will be required to measure the risks connected with crypto coins as well as license cryptocurrency companies in order to oversee the industry in the country. Many countries are already doing this. One of the most prominent examples is Japan, where crypto trading platforms should get licensed by the Financial Services Agency.

 

LEAVE A REPLY

Please enter your comment!
Please enter your name here