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FATF is planning to release International Crypto Regulation by next summer

Dec 18, 2018

France-based money laundering intergovernmental watchdog, Financial Action Task Force (FATF), has seen growing tension from global governments to unify regulation of the cryptocurrency industry.

As stated in the Reuters report Friday, the FATF said it will publish international rules for cryptocurrency regulation by next summer. The possible regulations will put into effect licensing schemes for crypto exchanges and probably for digital wallet providers. Businesses offering financial services for initial coin offerings will also be involved, the report stated.

The news was revealed after the FATF plenary meeting with officials from 204 countries to talk over crypto regulations and other related issues.

FATF’s president, Marshall Billingslea, indicated June as the month when the guidelines and enforcement expectations will be published. He said:

“By June, we will issue additional instructions on the standards and how we expect them to be enforced.”

The involved countries will be heavily inspected for how they adopt the regulatory guidelines proposed by FATF, noted Billingslea, who also functions as the assistant secretary for terrorist financing in the U.S. Department of Treasury. He also advised that any country that will not comply with the above-mentioned regulation will face restrictions, and be added to a FATF blacklist.

FATF shall require relevant firms across the globe to become duly licensed and regulated in attempts to prevent money launder by the way of cryptocurrencies like Bitcoin and Monero. Initial coin offerings will be subject to the same regulations.

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