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FATF Wants to Increase Control over Crypto Exchanges

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FATF – The Financial Action Task Force on Money Laundering intends to tighten control over the operation of cryptocurrency exchanges.

FATF

Relevant measures to regulate the activities of trading exchanges will be studied at a meeting of the organization in October this year. FATF analysts will prepare a report that talks about the need to establish an international exchange control system.

It is expected that more than 200 states will accept the organization’s recommendations and implement the relevant legislation. The Financial Action Task Force also plans to send a list of activities that may indicate the potential criminal nature of transactions to the supervisory authorities of member countries of the exchange control program.

Who is FATF?

FATF

The Financial Action Task Force (FATF) is the global money laundering and terrorist financing watchdog. The inter-governmental body sets international standards that aim to prevent these illegal activities and the harm they cause to society. As a policy-making body, the FATF works to generate the necessary political will to bring about national legislative and regulatory reforms in these areas.

FATF`s attitude to stablecoins

In parallel, the authors of the report will pay special attention to assessing the potential of the so-called stablecoins, that is, digital currencies secured by fiat money.

According to XReg Consulting partner Xian Jones, the measures proposed by the FATF will accelerate the process of legalizing the cryptocurrency industry and will increase the security of digital currency holders.

FATF recommendations are followed by many states. Back in 2018, Russia announced that it wants to establish control over crypto transactions taking into account the requirements of this organization.

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